Aramco Posts Record Profit Amid Hormuz Disruptions
Saudi oil giant Aramco reported a significant increase in second-quarter net profit despite disruptions to shipping through the Strait of Hormuz. The company's net income rose by 44% to around $32.7 billion for the April-June period, compared to $22.67 billion during the same period last year.
The profit jump is attributed to higher prices of refined and chemical products, as well as crude oil, and improved refining margins. Aramco's strategic East-West Pipeline, which links oil fields in the Eastern Province to the Red Sea port of Yanbu, played a crucial role in bypassing the Strait of Hormuz.
Aramco CEO Amin H. Nasser attributed the company's ability to maintain business continuity to its diverse asset base and multi-decade planning, including strategic infrastructure such as storage capacity and export terminals.