Ethiopia’s oil billionaire, Al Amoudi’s net worth hits $8.5 billion

Ethiopia’s oil magnate, and one of Africa’s richest men, Mohammed Al Amoudi, has experienced a remarkable surge in his net worth, reaching $8.5 billion, marking a 61.9% increase in just 30 days.

According to data tracked on Bloomberg, Al Amoudi’s net worth started at $5.24 billion in the second week of October and has since seen a substantial rise of $3.25 billion as of November 14, 2023.

Al Amoudi, at 77, commands a portfolio of industrial assets spanning Sweden, Saudi Arabia, and Ethiopia, including Svenska Petroleum Exploration and Preem, Sweden’s largest oil refiner.

His holdings also extend to Midroc Gold in Ethiopia, the country’s leading miner, along with investments in hotels, an oil company, and agricultural ventures in coffee and rice.

The surge in net worth is closely linked to the robust performance of his industrial assets, particularly his stake in Preem, Sweden’s major energy company, with an annual refining capacity exceeding 18 million cubic meters of crude oil.

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As a prominent investor in Sweden and the beneficial owner of Preem, Al Amoudi is strategically positioned for success, with plans to divest his interest in Preem.

What you should know

Earlier in October Sweden’s Preem AB said it would curb the use of crude oil at the bigger of its two refineries from 2024, when it completes the revamp of a production unit.

The company’s investments, which include boosting production of fuels from feedstocks other than crude oil, won’t be affected by owner Mohammed Hussein Al Amoudi’s plans to initiate a review of the company that could include a possible sale.

Preem recently reported its strongest quarter, driven by exceptional performance in the Supply & Refining segment, fueled by robust international refining margins amid favorable market conditions.

In alignment with global emission-reduction targets, Preem, along with Shell Plc and Neste Oyj, plans to diminish crude oil usage in their refineries.

Preem’s Synsat unit in the Lysekil refinery is set to operate from mid-2024, aiming to reduce oil usage by up to 40% by utilizing alternative feedstocks like used cooking oil and animal fats.

Preem also signals a future shift towards sustainable aviation fuel production over renewable diesel.

Beyond Preem, Al Amoudi owns significant gold assets in Ethiopia, including Midroc Gold and the undeveloped Okote Gold Mine.

His oil ventures date back to the 1990s through Corral Petroleum, an energy-focused holding group, where he acquired Swedish energy companies and later took control of Morocco’s largest oil refineries.