Technotec International: Saudi Aramco is going to pay $ 75 billion as dividends

The world’s largest oil exporting company, Saudi Aramco, has announced its intention to maintain the amount of dividends for 2019 at the level of 75 billion dollars.

Amin Nasser, CEO of Saudi Aramco, said that the management of the world’s largest crude oil exporter has no plans to review the amount of dividends based on the results of economic activity in 2019. Despite the unfavorable global market conditions and the company’s net profit more than halved in the first quarter of 2020 (from $ 46.9 billion to $ 23.2 billion), the oil giant intends to pay shareholders a dividend of $ 75 billion.

However, before this happens, the decision must be approved by the company’s Board of Directors, which, however, can be considered a formality, given how badly the government of Saudi Arabia needs funds to effectively manage the budget deficit.