£54bn payday from Aramco

THE Saudi state oil company Aramco has paid a mammoth £54bn dividend despite lockdowns and international travel bans hammering its profits.

Profits fell by 44pc as demand and oil prices tumbled last year, meaning Aramco only generated £35bn of free cash flow, well short of the amount needed to cover the dividend.

But chief executive Amin Nasser is ‘optimistic’ for 2021 because the vaccine rollout has helped spark a rebound in demand.