THE GHOST TRAIN
THE FINANCE GHOST: Crude awakening for oil giant Saudi Aramco
Despite the rebrand to ‘energy companies’, the fundamentals of oil remain under pressure
If you go back to 2007, when the iPhone was in its infancy and Facebook had only been around for a couple of years, the oil companies ranked among the most valuable in the world. ExxonMobil was the most valuable firm in the world and Chevron was near the top. Formula One cars were spectacularly noisy and the world was far less worried about things such as an energy transition, which means that the fuel produced by these companies was finding its way into cars with larger engines. It was a good time to be a petrolhead (and to own an oilfield), if nothing else.
Fast-forward to today, and oil companies have now made an effort to rebrand themselves as energy companies. The “about us” section of the Saudi Aramco website describes a focus on “energy security for a more sustainable world” — and quickly moves on to the energy transition and a net-zero economy. This industry has changed dramatically over the past two decades, even though the way people get around hasn’t changed nearl...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.