Saudi Aramco looks downstream, and East – Schumpeter

IN MOST WESTERN eyes Saudi Aramco inspires either awe or disdain. Financiers are in the first camp. They gobbled up the state-owned behemoth’s first-ever global bonds last week, gasped at its $111bn annual profit and, for all their professed concern about climate change, gushed over how cheaply it can pump oil for decades to come.
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