Mohammed Al Amoudi Explores Options for Swedish Energy Business

05 October 2023

Mohammed Al Amoudi, beneficial owner of Preem, one of Sweden’s most significant energy businesses, has approved an investigation to be undertaken by financial advisers commissioned through Preem’s holding company, Corral Petroleum Holdings [“CPH”], into various options to take the company forward and meet Mr Al Amoudi’s broader strategic requirements.

Mr Al Amoudi said, “This is the culmination of months of careful strategic review. The global economic situation has changed considerably since the COVID epidemic emerged in 2019. In this context, I am open to all options recommended by advisers and senior management not excluding a full sale of Preem although this has not yet been decided. The key drivers for this process are a commitment to remove the debt burden on my businesses and ensure a smoother succession process in the future. In addition, I have instructed the advisers through CPH to make every effort to ensure that my commitment to the Green Transition is upheld and to take full account of the strategic interests of Sweden to whom I will remain committed through my other investments.”

Mr Al Amoudi intends to become a diversified passive investor with a continued commitment to Green energy industries in Europe. This process should not be interpreted as a withdrawal from Sweden but as a strengthening of investment commitment to the country for the longer term. Mr Al Amoudi remains highly supportive of Preem’s own Green Transition and one of the drivers for this process is to secure the capital necessary to see it through to its planned conclusion.

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