Saudi oil giant sees sharp fall in profits

profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022. But the figure is still the second-highest profit ever for the state-backed company. The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China. Saudi Arabia is aiming to diversify the country’s economy, using income from its energy sector to fund the transition to renewable energy.

Aramco already has investments in Chinese refineries and is in talks with Renault and Geely over a hybrid car tie-up.

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