After a promising begin to the yr, Ethiopian billionaire Mohammed Al-Amoudi, certainly one of Africa’s wealthiest businessmen, has skilled a major decline in his web price, along with his wealth figures declining by nearly half a billion {dollars} over the previous 23 days.
In keeping with knowledge from the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest individuals, Mohammed Al-Amoudi’s web price has dropped by $460 million since Feb. 21, declining from $5.62 billion to $5.16 billion as of now.
Previous to this latest loss, Al-Amoudi’s web price had elevated by $161 million between Jan. 1 and Feb. 22, 2023, owing to the bullish pattern that the worldwide fairness market had witnessed earlier this yr.
Mohammed Al Amoudi’s stake in Sweden’s largest oil refiner, Preem, has misplaced nearly $700 million this yr
In keeping with knowledge tracked by Billionaires.Africa, the latest droop in his web price may be attributed to the decline out there worth of his industrial property in Ethiopia, Saudi Arabia, and Sweden.
Particularly, his stake in Preem, Sweden’s largest oil refiner, has skilled a major drop in worth, reducing by practically $700 million ($698.92 million) from $1.08 billion on Jan. 1 to $700 million on the time of penning this report.
Conversely, his stakes in Midroc Gold, Ethiopia’s largest miner; Svenska Petroleum Exploration, a distinguished oil exploration and manufacturing firm; and Okote Gold have remained regular at $1.13 billion, $772 million, and $993 million, respectively, this yr, regardless of the lower in Preem’s worth by greater than 35 p.c.
Preem shifts to renewable fuels as a part of dedication to local weather motion
With a refining capability exceeding 18 million cubic meters of crude oil yearly, Preem has actively supported Sweden’s dedication to decreasing carbon emissions. The corporate has pledged thousands and thousands of {dollars} in direction of reaching a steadiness between the greenhouse gases produced and faraway from the atmosphere.
In 2020, Preem deserted its plans to develop Sweden’s largest oil refinery, which may have probably made it the nation’s largest polluter. As an alternative, the corporate redirected its efforts towards producing renewable fuels on the Lysekil refinery, demonstrating its dedication to sustainable practices.
Preem has applied numerous vitality transition methods, together with efficiently pricing its inaugural inexperienced bond providing of $340 million in June 2022 underneath its Preem Inexperienced Financing Framework.
