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Preem, formerly owned by Mohammed Al-Amoudi, posts $3.29 billion in Q1 sales
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Preem, formerly owned by Mohammed Al-Amoudi, posts $3.29 billion in Q1 sales
Key PointsPreem, sold by Al-Amoudi to VARO Energy, posted Q1 2025 sales of $3.29 billion, reflecting an 8.3% drop driven by weak refining margins and geopolitical instability.Preem’s Q1 2025 net loss of $4 million contrasts with last year’s profit, as weaker margins, unplanned downtime, and lower gasoline prices weighed on performance.The sale of Preem to Switzerland-based VARO Energy marks a pivotal chapter in the legacy of Ethiopian-born billi…
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