Ethiopian-born Saudi businessman Mohammed Hussein Al-Amoudi has refuted recent reports in some sections of the media about offering Swedish Oil explorer Svenska for sale.

The billionaire businessman confirmed that the name of the company, which has appeared in some media, is in progress to carry out many new investment expansions in the field of oil exploration, but not oil refineries as mentioned in the reports.

“Such information is totally baseless,” he said.

“There is a total difference between oil exploration and oil drilling, and petroleum refineries,” Al-Amoudi added.

Al-Amoudi expressed suprise over the way such sensitive news was peddled in the media without proper research on the issue. He said, “On the basis of the company’s huge expansion, we have received many inquiries to participate in newly developed investment schemes or requests for buying shares. The company did neither. It did not accept any of those inquiries nor did it consider them seriously”

He also he praised major sections of the media for trying to substantiate the news from him personally.

He also pointed out that he would not only preserve all rights to counter or respond to such actions of harming his business or personal reputation by publishing unreliable news about one of his firms, but also counter any attempts to undermine any of his future investments or business projects.

Al-Amoudi’s owns a broad portfolio of businesses spanning oil, mining, agriculture, hotels, hospitals, finance, operations and maintenance. He is the 77th richest person in the world.