Middle East Economic Survey
Preem Petroleum Reports Record Profit Of $400Mn
Saudi-owned Preem Petroleum has reported a record net profit of $400mn in 2004, up 267% from $150mn in 2003. Its gross sales of products from its two refineries at Gothenburg and Scanraff have totaled $7bn. Preem, the largest oil refinery and distribution company in Sweden, is owned by Corral Petroleum, a Saudi private oil group headed by businessman Muhammad al-'Amudi. Corral...