A $4.5 Billion Drop Overnight: What’s Behind the Shake-up of Al Amoudi’s Empire?











A Deal that Reshaped a Billionaire’s Empire: How the Sale of Preem Erased $4.5B from Al Amoudi’s Net Worth

ADDIS ABABA – A dramatic plunge in the wealth of Saudi-Ethiopian billionaire Mohammed Al Amoudi, which saw his net worth plummet from approximately $10.5 billion to $5.98 billion around April 4, 2025, can be attributed to a single, monumental event: the sale of Preem, his prized asset and Sweden’s largest oil refiner. The sudden drop, which wiped out over 40% of his fortune in a single stroke, was not the result of a market crash but a strategic divestment that has fundamentally altered the composition of his vast industrial portfolio.

The timing of the sale announcement, with news breaking in early April that Al Amoudi’s Corral Petroleum Holdings AB had agreed to sell Preem to Swiss-based VARO Energy, directly correlates with the precipitous decline. This move to offload his most significant holding triggered an immediate and substantial revaluation of his overall wealth by financial indexes.

The Crown Jewel: What is Preem and Why Was It So Valuable?

To understand how the sale of one company could have such a colossal impact, it’s crucial to appreciate the significance of Preem in Al Amoudi’s empire.

Market Leader: With a refining capacity of over 18 million cubic meters of crude oil annually, Preem accounts for approximately 80% of Sweden’s refining capacity. This makes it a critical piece of infrastructure in the Scandinavian energy market.

Pioneer in Renewables: Recognizing the global shift in energy, Preem had been actively investing in the transition to renewable fuels. Before the sale, it was already a significant producer of biofuels, with ambitious plans to further increase its renewable production capacity. This forward-looking strategy made it an attractive acquisition target for companies like VARO Energy, which are looking to bolster their own green energy credentials.

The sale to VARO Energy was, in fact, framed as a move that would create Europe’s second-largest renewable fuel producer. This highlights Preem’s value not just as a traditional oil refiner, but as a key player in the future of energy.

A Strategic Pivot: Why Sell Now?

While the exact motivations for the sale remain private, the move can be analyzed from a strategic perspective. The sale of a legacy fossil fuel asset, albeit one with a growing renewables arm, could be interpreted as a strategic pivot by Al Amoudi. The capital unlocked from this deal—estimated in the billions—provides immense liquidity that could be redeployed into other ventures, potentially in sectors with higher growth potential or less exposure to the volatility of the energy markets.

The broader economic context may have also played a role. Sweden’s economy was in a period of recession in early 2025, which can influence major investment decisions. However, the primary driver appears to be the strategic value of Preem to the buyer, VARO Energy, and the opportunity for Al Amoudi to cash in on a highly valuable asset.

What’s Next for the Al Amoudi Portfolio?

With Preem no longer under his control, Al Amoudi’s portfolio is now more heavily weighted towards his other significant holdings, which include:

Granitor: A Swedish holding company with interests in property development, infrastructure, and consulting.

Ethiopian Investments: A diverse range of assets in his country of birth, including mining, agriculture (coffee and rice), and real estate, the performance of which is watched closely here in Addis Ababa.

The sale of Preem marks a new chapter for Al Amoudi’s business empire. The key question now is how the proceeds from this landmark deal will be reinvested. Observers will be watching closely to see if he doubles down on his existing interests in Sweden and Ethiopia, or if he diversifies into new sectors and geographies, continuing to reshape his legacy as one of the world’s most prominent and dynamic investors.











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