DUBAI: Saudi Aramco, the world’s largest oil company, posted
$224 billion in earnings before tax last year,
Fitch Ratings said on Monday, as the secretive giant opens its accounts for the first time.
Fitch assigned Aramco its first-ever credit rating — a stable A+ — as the state oil giant prepares to sell bonds to help finance the purchase of a majority stake in Saudi petrochemicals behemoth SABIC.
The huge deal gives Crown Prince Mohammed bin Salman’s ambitious reform programme aimed at diversifying the economy a massive cash boost.
Fitch said that based on information received from Aramco, the planned sale of up to five per cent of Aramco through an IPO still stands and is likely to take place in 2021.
