Ethiopian oil tycoon and one of Africa's richest men, Mohammed Al Amudi, has seen his net worth soar by 61.9% to $8.5 billion in just 30 days.
Al Amudi’s net worth began at $5.24 billion in the second week of October and has since grown significantly to $3.25 billion as of Nov. 14, 2023, according to data tracked by Bloomberg.
Al Amudi, 77, manages a portfolio of industrial assets across Sweden, Saudi Arabia and Ethiopia, including Svenska Petroleum Exploration and Sweden's largest oil refinery, Priem.
His holdings include Ethiopia's major mining company, Midrock Gold, as well as hotels, oil companies and coffee and rice farming ventures.
The surge in his net worth has been closely tied to the strong performance of his industrial assets, particularly shares in Prime, a major Swedish energy company with a crude oil refining capacity of more than 18 million cubic metres per year.
Al Amoudi, a prominent Swedish investor and beneficial owner of Preem, is strategically positioned for success as he plans to sell his stake in Preem.
What you need to know
Sweden's Prime AB said in early October it would curb crude oil use at the larger of its two refineries from 2024, when upgrades to a production unit are completed.
The company's investments, which also include increasing fuel production from feedstocks other than crude oil, will not be affected by owner Mohammed Hussein Al Amoudi's plans to launch a review of the company that could include a sale.
Preem recently reported its strongest quarter ever, with exceptional performance in its supply and refining segments, supported by strong international refining margins amid favourable market conditions.
Prime plans to work with Shell and Neste to reduce crude oil use at its refineries, in line with global emissions reduction targets.
The Synsat unit at Priem's Lysekil refinery is scheduled to come on stream from mid-2024 and aims to reduce oil use by up to 40% by utilising alternative feedstocks such as used cooking oil and animal fats.
Preem also hints at a future shift from renewable diesel to sustainable aviation fuel production.
In addition to Preem, Al Amudi owns other significant gold assets in Ethiopia, including Midrock Gold and the undeveloped Okote gold mine.
His oil business dates back to the 1990s through his energy-focused holding company, Collaire Petroleum, where he bought a Swedish energy company and later took control of Morocco's largest oil refinery.
