Ethiopian oil tycoon Mohamed Al Amoudi, one of Africa's richest men, has experienced an impressive surge in his net worth, increasing by 61.9% to $8.5 billion in just 30 days.
Al Amoudi's net worth started at $5.24 billion in the second week of October and has increased significantly to $3.25 billion as of November 14, 2023, according to data tracked by Bloomberg.
Al Amoudi, 77, heads a portfolio of industrial assets across Sweden, Saudi Arabia and Ethiopia, including Svenska Oil Exploration, Sweden's largest oil refiner, and Prem.
His holdings span Ethiopia's Midlok Gold, one of the country's leading mining companies, as well as investments in hotels, oil companies and coffee and rice farming ventures.
The rapid rise in his net worth is closely tied to the strong performance of his industrial assets, particularly his stake in Prem, a major Swedish energy company with an annual refining capacity of more than 18 million cubic meters of crude oil.
Al Amoudi, a prominent Swedish investor and beneficiary of Plame, plans to sell his interest in Plame and is strategically well positioned for success.
What you need to know
Sweden's Prim AB announced in early October that it would cut back on crude oil use at the larger of its two refineries starting in 2024, when a production overhaul is completed.
The company's investments, including expanding 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, including a possible sale.
Preem recently reported its strongest quarter, driven by exceptional performance in its supply and refining division, supported by strong international refining margins in favorable market conditions.
In line with global emissions reduction targets, Preem, together with Shell Plc and Neste Oyj, plans to reduce crude oil usage at its refineries.
Preem's Synsat unit at the Lysekil refinery is expected to be operational from mid-2024 and aims to reduce oil usage by up to 40% by using alternative feedstocks such as used cooking oil and animal fat. There is.
Preem also hints at a future shift to more sustainable aviation fuel production than renewable diesel.
In addition to Prem, Al Amoudi also owns important gold assets in Ethiopia, including Midlok Gold and the undeveloped Okote gold mine.
His oil business roots date back to the 1990s through energy-focused holding group Corral Petroleum, where he acquired a Swedish energy company and later took control of Morocco's largest refinery.
