Preem shifts to renewable fuels, boosts Al Amoudi’s wealth
Preem, the largest petroleum provider in Sweden, declared the successful pricing of its $244 million initial green bond offering, reaffirming its dedication to lowering carbon emissions and assisting Sweden in its fight against global warming.
Preem, the largest oil refiner in Sweden, and Svenska Petroleum Exploration, an oil exploration and production company, are the major sources of Al Amoudi‘s fortune. He also has a 67% stake in Samir, Morocco’s sole oil refinery, and Midroc Gold, the largest miner in Ethiopia. His three most valuable industrial holdings are Preem, Midroc Gold, and Okote Gold, with values of $1.09 billion, $1.13 billion, and $993 million, respectively. The recent increase in Al Amoudi‘s net worth can be attributed to the strong performance of its industrial assets in Sweden, Saudi Arabia, and Ethiopia.
In 2020, Preem abandoned plans to expand the largest oil refinery in Sweden and shifted its focus to producing renewable fuels at its Lysekil plant instead. The company’s commitment to sustainability and environmental protection has enhanced Al Amoudi’s reputation and financial success, which has led to the company’s rising net worth. One of the richest billionaires in Africa, Al Amoudi owns shares of Svenska and Midroc with market values of $772 million and $229 million, respectively. Mohammed Al Amoudi, the richest person in Ethiopia, is regaining wealth after seeing a $1.25 billion decline in 2022. According to the Bloomberg Billionaires Index, Al Amoudi‘s net worth has climbed by $111 million since the start of the year, rising from $5.46 billion on January 1st to $5.57 billion as of this writing.
Al Amoudi‘s recent achievement serves as a reminder of the significance of diversifying one’s investments and remaining up to date in a constantly changing financial environment. The billionaire is a prime example of what it takes to succeed in the financial sector because of his ability to take advantage of the strong performance of his industrial assets and adapt to shifting market conditions. Al Amoudi‘s recent increase in net worth is evidence of his wise investment choices and dedication to sustainability. Investors and businesspeople seeking to understand the financial environment and achieve financial stability can learn from the billionaire’s achievement.
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