Aramco invests in emerging energy solutions for the future
Saudi Arabian Oil Company (Aramco) is the world's leading integrated energy and chemicals enterprise, and the largest provider of crude oil to global markets.
The company has announced in its third quarter 2023 results that, whilst continuing to deliver robust earnings, it will be progressing its growth strategy — including in new energy technologies.
The present — and future — for the world’s largest energy company
Key statistics from the report:
• Net income: US$32.6bn (Q3 2022: US$42.4bn)
• Strategic expansion continues with agreement on first international LNG investment, and plan to enter South American
market through a downstream retail acquisition
• Company increases raw gas processing capacity by 800 million standard cubic feet per day (mmscfd), including approximately
750 mmscfd of sales gas processing capacity, through Hawiyah Gas Plant expansion
• Collaboration with Stellantis indicates eFuel compatibility with 24 engine families in Europe
“Our robust financial results reinforce Aramco’s ability to generate consistent value for our shareholders, and we continue to identify new opportunities to evolve our business and meet the needs of customers,” shares Amin H. Nasser, President and CEO of Saudi Aramco.
Nasser has been with the company for over four decades, where he is also a member of the company's Board of Directors.
Alongside his work in energy, Nasser is a champion of Saudi youth advancement and development and keenly supports the company's Young Leader's Advisory Board (YLAB), a program designed to link Saudi Aramco leadership with the voice of its young professionals.
“During the third quarter we agreed to make our first international investment in liquefied natural gas (LNG) to capitalise on rising LNG demand, and announced our intention to enter the South American retail market. These planned investments demonstrate the scale of our ambition, the broad scope of our activities, and the disciplined execution of our strategy. I am excited by the progress we are making, which I believe will complement both our Upstream capacity expansion and our growing Downstream presence.
“We intend to continue investing across the hydrocarbon chain, leveraging cutting-edge technologies to optimise our operations and advance the development of emerging energy solutions. It is an approach rooted in our belief that a balanced and realistic energy transition plan should consider the needs of all geographies, in order to avoid disparities between global energy consumers.”
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