Saudi Aramco’s downstream profit lagged major rivals in the first half of 2017, Bloomberg reported on Monday.
Aramco’s accounting data showed that the state-owned oil giant made almost all of its profit in upstream during the period, with downstream delivering just $842 million in net income, compared to a loss of $484 million in H1 2016, the news agency said.
The financial data did not explain why Aramco trailed other oil firms in downstream.
Meanwhile, Shell and Exxon made $5 billion and $4.7 billion, respectively, from refining and chemicals in H1 2017.
News reports last week said that Aramco had net income of $33.8 billion in H1 2017 and cash flows of $52.1 billion.
Aramco pumps about 10 million barrels per day (bpd) of crude oil and plans to raise its refining capacity to between 8 million to 10 million bpd from around 5 million bpd.
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