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Saudi Oil Producer Aramco Allocates its Fund for Development of Lower-carbon Fuels

The key point such as lower-carbon energy solutions with introduction of $1.5 billion Sustainability Fund, along with considerably as one of the world’s largest projected carbon capture and storage hubs.

March 13, 2023. By EI News Network

Saudi Arabian Oil Company (Aramco) declared its full-year 2022 financial results, with a record net income of USD 161.1 billion — its highest annual profits as a listed company.

The results were carried by stronger crude oil prices, bulk volumes sold and upgrade margins for refined products, whereas the organization carrying towards fostering its oil and gas production capability, along with its downstream portfolio, to fulfill expected further demand.

“Aramco delivered a record financial performance in 2022, as oil prices strengthened due to increased demand around the world. We also continued to focus on our long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.”

The focal point is expanding oil, gas and chemicals production, though also investing in upgraded lower-carbon technologies with capacity to attain additional emission minimizations in functions and for consumers and clients of the products.

Aramco persisted its accomplished record of supply reliability by delivering crude oil and other products with 99.9% reliability in 2022. It was notably the third year continuing that Aramco reached this level of reliability.

The key point such as lower-carbon energy solutions with the introduction of USD 1.5 billion Sustainability Fund, along with considerably as one of the world’s largest projected carbon capture and storage hubs.

The fund plans to invest in technologies that aid the Company’s declared Scope 1 and Scope 2 net-zero 2050 target in its entirely-owned operational assets, as well as the evolution of lower-carbon fuels.

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Lower-carbon solutions