After a promising start to the year, Ethiopian billionaire Mohammed Al-Amoudi, one of Africa’s wealthiest businessmen, has experienced a significant decline in his net worth, with his wealth figures declining by almost half a billion dollars over the past 23 days.
According to data from the Bloomberg Billionaires Index, which tracks and compares the fortunes of the world’s 500 richest people, Mohammed Al-Amoudi’s net worth has dropped by $460 million since Feb. 21, declining from $5.62 billion to $5.16 billion as of now.
Prior to this recent loss, Al-Amoudi’s net worth had increased by $161 million between Jan. 1 and Feb. 22, 2023, owing to the bullish trend that the global equity market had witnessed earlier this year.
Mohammed Al-Amoudi’s stake in Sweden’s largest oil refiner, Preem, has lost almost $700 million this year
According to data tracked by Billionaires.Africa, the recent slump in his net worth can be attributed to the decline in the market value of his industrial assets in Ethiopia, Saudi Arabia, and Sweden.
Specifically, his stake in Preem, Sweden’s largest oil refiner, has experienced a significant drop in value, decreasing by nearly $700 million ($698.92 million) from $1.08 billion on Jan. 1 to $700 million at the time of writing this report.
Conversely, his stakes in Midroc Gold, Ethiopia’s largest miner; Svenska Petroleum Exploration, a prominent oil exploration and production company; and Okote Gold have remained steady at $1.13 billion, $772 million, and $993 million, respectively, this year, despite the decrease in Preem’s value by more than 35 percent.
Preem shifts to renewable fuels as part of commitment to climate action
With a refining capacity exceeding 18 million cubic meters of crude oil annually, Preem has actively supported Sweden’s commitment to reducing carbon emissions. The company has pledged millions of dollars towards achieving a balance between the greenhouse gases produced and removed from the environment.
In 2020, Preem abandoned its plans to expand Sweden’s largest oil refinery, which could have potentially made it the country’s largest polluter. Instead, the company redirected its efforts toward producing renewable fuels at the Lysekil refinery, demonstrating its commitment to sustainable practices.
Preem has implemented various energy transition strategies, including successfully pricing its inaugural green bond offering of $340 million in June 2022 under its Preem Green Financing Framework.
