Documents from Saudi Aramco show that the world's largest oil firm earns on...
LONDON - Documents from Saudi Aramco show that the world’s largest oil firm earns only a limited proportion of its profit from foreign refining ventures, an area in which the company plans huge investment.
A subsidiary that holds Aramco stakes in South Korean refiner S-Oil and Showa Shell of Japan made a net income of $319 million in 2018, accounts seen by Reuters show. Selling a stake in Aramco has been a centerpiece of Vision 2030, a plan championed by Crown Prince Mohammed bin Salman to diversify the Saudi economy away from oil.
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