Oil tycoon of Ethiopia and one of the richest individuals in Africa, Mohammed Al Amoudi, has seen a spectacular rise in his net worth, rising to $8.5 billion in just 30 days, a 61.9% gain.
According to Bloomberg, Al Amoudi’s net worth began at $5.24 billion in the second week of October, and as of November 14, 2023, it had increased significantly by $3.25 billion.
The biggest oil refiner in Sweden, Svenska Petroleum Exploration and Preem, are among the industrial assets that 77-year-old Al Amoudi controls and spans over Saudi Arabia, Ethiopia, and Sweden.
His assets also include the largest miner in Ethiopia, Midroc Gold, as well as stakes in hotels, an oil company, and rice and coffee farming.
The increase in his net worth is directly related to the strong success of his industrial holdings, especially his ownership of Preem, the largest energy firm in Sweden, which has an annual refining capacity of more than 18 million cubic metres of crude oil.
Al Amoudi, who is the beneficial owner of Preem and a well-known investor in Sweden, is well-positioned for success and intends to sell his stake in the company.
The plans of Mohammed Hussein Al Amoudi, the company’s owner, to begin a review of the business that may involve a potential sale will not impact the company’s investments, which include increasing the production of fuels from feedstocks other than crude oil.
Recent results show that Preem had its best quarter ever, with the Supply & Refining business performing very well due to good international refining margins in an environment of favourable market circumstances.
To comply with international emission reduction standards, Preem, Shell Plc, and Neste Oyj intend to reduce the amount of crude oil used in their refineries.
The goal of Preem’s Synsat unit at the Lysekil refinery is to employ alternative feedstocks, such as leftover cooking oil and animal fats, to cut oil consumption by up to 40% starting in mid-2024.
Al Amoudi possesses substantial gold assets in Ethiopia in addition to Preem, such as Midroc Gold and the developing Okote Gold Mine.
His involvement in the oil industry began in the 1990s when he bought Swedish energy businesses and later took over Morocco’s biggest oil refineries through Corral Petroleum, a holding company with an energy-focused focus.
