Date: 1st April 2019
According to the Fitch Ratings, Saudi Aramco comes out to be the company with the highest operating profit (profit before tax) in 2018. The company opened its books of accounts for the first time ever and revealed profits before tax of $224 billion on Monday.
Saudi Aramco is the largest oil company in the world. Fitch Ratings has given it a credit rating “A+”, the company’s first ever credit-rating. Aramco plans to issue bonds in the near future in order to support the finances of buying a stake in Saudi petrochemicals behemoth SABIC.
The oil giant announced on Thursday that it is purchasing 70
Aramco has been a
Fitch claims that the merger is a befitting strategy for vertical integration which would spread its earnings over a range of products. SABIC is the fourth largest chemical producer in the world.
According to the agency, it said that the plan to sell 5