{"id":26400,"date":"2021-04-01T12:02:09","date_gmt":"2021-04-01T10:02:09","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=26400"},"modified":"2021-04-01T12:03:09","modified_gmt":"2021-04-01T10:03:09","slug":"saudi-aramco-ceo-says-oil-giant-can-still-meet-dividend-expectations-as-crown-prince-prioritizes-investments","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/04\/01\/saudi-aramco-ceo-says-oil-giant-can-still-meet-dividend-expectations-as-crown-prince-prioritizes-investments\/","title":{"rendered":"Saudi Aramco CEO says oil giant can still meet dividend expectations as crown prince prioritizes investments"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"26400\" class=\"elementor elementor-26400\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Saudi Aramco CEO says oil giant can still meet dividend expectations as crown prince prioritizes investments<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>01\/04\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\">\n<div class=\"entry-content no-share\">\n<div class=\"content-inner \">\n<div class=\"story-block\">\n<p>The chief executive of the world\u2019s biggest oil company said Wednesday he believes it will still be able to meet dividend payout expectations after Saudi Arabia\u2019s government announced plans to prioritize investments.<\/p>\n<p>Crown Prince Mohammed bin Salman on Tuesday said that state-backed oil giant Saudi Aramco and petrochemical firm SABIC will fund the majority of a 5 trillion riyal ($1.3 trillion) private sector investment plan for economic diversification.<\/p>\n<p>\u201cWe are very excited with the government\u2019s announcement yesterday of the Shareek program,\u201d Saudi Aramco CEO Amin Nasser told CNBC\u2019s Dan Murphy in an exclusive interview.<\/p>\n<p>\u201cWe support this initiative which is very much aligned with Vision 2030. It promotes GDP growth through new investment and will have a multiplier effect for the Saudi economy.\u201d<\/p>\n<p>The government\u2019s 5 trillion riyal private sector investment plan is part of 12 trillion riyals worth of investments planned by 2030.<\/p>\n<p>The crown prince said, according to Reuters, that the government had asked the biggest participating firms to cut dividends and redirect the cash to new investments. For those owning shares in Saudi Aramco, he reaffirmed dividend prices would remain stable.<\/p>\n<p>\u201cWe promised them that and we will keep that promise,\u201d the crown prince said, Reuters reported. The oil giant is 98% owned by the government.<\/p>\n<p>When asked how sustainable the company\u2019s dividend would prove to be in the wake of the government\u2019s private sector investment plans, Nasser said it was a \u201cvoluntary\u201d program that had taken private interests into consideration.<\/p>\n<p>\u201cThe company has, as I said, a strong balance sheet, it is one of the lowest-cost producers in the world and it is very capable to execute mega projects and giga-projects while continuing also to meet the expectations of its shareholders.\u201d<\/p>\n<p>Shares of Saudi Aramco, listed on the Saudi stock exchange, traded more than 1.8% higher on Wednesday.<\/p>\n<p>Earlier this month, Saudi Aramco\u00a0<a href=\"https:\/\/www.cnbc.com\/2021\/03\/21\/saudi-arabia-profit-drops-after-covid-battered-year-upholds-dividend.html\">reported<\/a>\u00a0a 44% drop in full-year 2020 earnings, missing analyst expectations. The company took on additional debt last year to maintain its $75 billion dollar dividend payout and announced a cut to spending in the year ahead.<\/p>\n<p>Nasser described the last 12 months as \u201cone of the most challenging years in recent history,\u201d citing lower oil prices and weaker refining and chemicals margins.<\/p>\n<p>The coronavirus pandemic sparked a historic collapse in the price of oil last year, as unprecedented public health measures to curb the spread of the disease coincided with restricted mobility worldwide.<\/p>\n<p>For Saudi Arabia\u2019s oil-rich economy, the global health crisis and oil market turmoil were setbacks to Crown Prince Mohammed bin Salman\u2019s plans to diversify away from oil exports and reduce unemployment.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/world\/?region=world\">CNBC<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column 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elementor-repeater-item-2ea5aad\" href=\"https:\/\/www.facebook.com\/StocExpo\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Facebook-f<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-facebook-f\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-animation-push elementor-repeater-item-f5eda18\" href=\"https:\/\/www.linkedin.com\/showcase\/stocexpo-&#038;-tank-storage\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-animation-push elementor-repeater-item-b98d648\" href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The chief executive of the world\u2019s biggest oil company said Wednesday he believes it will still be able to meet dividend payout expectations after Saudi Arabia\u2019s government announced plans to prioritize investments. Crown Prince Mohammed bin Salman on Tuesday said that state-backed oil giant Saudi Aramco and petrochemical firm SABIC will fund the majority of [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":26402,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Saudi Aramco CEO says oil giant can still meet dividend expectations as crown prince prioritizes investments | StocExpo ","_seopress_titles_desc":"Saudi Aramco CEO says oil giant can still meet dividend expectations as crown prince prioritizes investments. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-26400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/26400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=26400"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/26400\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/26402"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=26400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=26400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=26400"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=26400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}