By Reuters |
Topics Saudi Aramco | Aramco IPO | Crude Oil Price
Saudi Aramco on Sunday said it plans to cut capital spending in the wake of the coronavirus outbreak, and also posted a plunge in profit for last year, missing forecasts in its first earnings announcement as a listed company.
Saudi Arabia's decision last year to float shares in its state oil company - the most profitable company in the world - was one of the central elements in Crown Prince Mohammed bin Salman's program for economic and political reform. The record-setting IPO was touted as making the world's biggest energy.....
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