Saudi Aramco sticks to $75bn dividend pledge in 2020: CEO

Saudi Aramco sticks to $75bn dividend pledge in 2020: CEO

BloombergSaudi Arabia's oil giant pressed ahead with a plan to pay $75 billion in dividends this year. Saudi Aramco said net income in the three months ending in June was $6.6 billion, according to a statement. Aramco will pay a dividend of $18.75 billion for the quarter. “Strong headwinds from reduced demand and lower oil prices are reflected in our second quarter results,” said Chief Executive Officer Amin Nasser. “We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies.” Prices briefly turned negative in the US in April as virus lockdowns battered the global economy and Aramco slashed hundreds of jobs. Saudi Arabia and Russia subsequently led a push by Organisation of Petroleum Exporting Countries (Opec)