Aramco boosts production capacity

Windfall: Saudi Aramco’s state-owned oil and gas company’s Dhahran oil plants, in eastern Saudi Arabia. Aramco said its second quarter profits for 2021 nearly quadrupled. — AFP

RIYADH: Saudi Aramco is bucking the trend among oil majors by spending the windfall from this year’s surge in energy prices on boosting production capacity rather than increasing returns for shareholders.

While Aramco will maintain its hefty US$75bil (RM317bil) annual dividend – the world’s largest and most of which goes to the Saudi Arabian government – it’s so far resisting the path taken by other industry giants to dole out more to investors.