Ethiopian oil tycoon Mohammed Al Amoudi, recognized as one of Africa’s wealthiest individuals, has witnessed a substantial increase in his fortune. In just a month, his net worth skyrocketed by 61.9%, reaching $8.5 billion. This growth, tracked by Bloomberg, began in mid-October 2023 from a baseline of $5.24 billion, culminating in a $3.25 billion boost by November 14, 2023.
At 77 years old, Al Amoudi oversees a diverse range of industrial assets across Sweden, Saudi Arabia, and Ethiopia. His portfolio includes significant stakes in Svenska Petroleum Exploration and Preem, Sweden’s largest oil refining company. In Ethiopia, he owns Midroc Gold, a leading mining company, and has investments in sectors like hospitality, oil, and agriculture, focusing on coffee and rice production.
The notable increase in his net worth is primarily attributed to the strong performance of his industrial holdings, especially his shares in Preem. This company, a key player in the Swedish energy sector, boasts an impressive refining capacity of over 18 million cubic meters of crude oil annually. Al Amoudi’s strategic investment in Preem places him in a favorable position for continued success, with plans underway to divest his stake in the company.
Key developments in October revealed that Preem AB, under Al Amoudi’s ownership, plans to reduce crude oil use at its primary refinery starting 2024. This move aligns with a revamp of a production unit and a broader commitment to produce fuels from alternative feedstocks. Despite Al Amoudi’s ongoing review of Preem, which may lead to a sale, these investment strategies remain unaffected.
Preem has recently reported its most profitable quarter, particularly in the Supply and refining sector, buoyed by strong international refining margins and favorable market conditions. In line with global efforts to cut emissions, Preem, alongside Shell Plc and Neste Oyj, is set to reduce its reliance on crude oil in refining processes. The company’s Synsat unit at the Lysekil refinery, operational from mid-2024, aims to cut oil usage by up to 40% by using alternative feedstocks like used cooking oil and animal fats. Preem is also moving towards producing sustainable aviation fuel instead of renewable diesel.
Beyond Preem, Al Amoudi’s investments in Ethiopia include significant gold assets like Midroc Gold and the undeveloped Okote Gold Mine. His engagement in the oil sector dates back to the 1990s with Corral Petroleum, leading to acquisitions in Swedish energy firms and control over Morocco’s largest oil refineries.
