RIYADH: As oil prices trade at levels around or above $100, Saudi Aramco will pay more taxes and royalties to the government.
In a media briefing on Sunday, Ziad Al-Murshed, Acting Service Line Head of Finance, Strategy and Development at Aramco, explained how high oil prices will impact the company.
“With prices of $70 our royalty is 15 percent, one five. For every dollar above $70 a barrel the royalty kind of increases for that portion,” he said.
Nevertheless, Aramco was able to maintain strong results last year with cash flows rising by 83 percent.