Saudi Gazette report
RIYADH — Amin Nasser, President and CEO of Saudi Aramco, has said that Aramco's vision is to become the world's leading integrated energy and chemicals company, continuing to operate safely, sustainably, and reliably.
In Aramco's 2024 Annual Sustainability Report, titled "Investing in Growth and Innovation for Sustainability," Nasser stated that Aramco's operational objectives remained unchanged to achieve its vision, despite the challenges facing the energy sector in a multipolar world witnessing momentum in the global energy transition.
The report reviews Saudi Aramco's approach to integrating sustainability into its strategy and operations, the company's efforts to deliver solutions with lower carbon emissions, including methane emissions reduction, its leadership in supporting partnerships and sustainability initiatives, and the use of artificial intelligence applications in its operations. It also explores Aramco's effective role in maximizing community value across all its business areas.
Nasser explained that this is the fourth sustainability report prepared by Aramco since announcing its ambition to achieve net-zero emissions of scopes 1 and 2 greenhouse gases across all its fully owned and operated assets by 2050. He noted that the company has set a new interim target for 2030 to reduce the carbon intensity of its exploration and production operations.
He said the company achieved further progress in several areas in 2024, including signing a shareholders' agreement to develop a carbon capture and storage center in Jubail, Saudi Arabia. He noted that upon completion, it is expected to be one of the largest projects in the world in this field.
He added that hydrogen represents another area where the company sees potential growth opportunities, which prompted it to acquire a 50% stake in a company specializing in blue hydrogen.
Nasser noted that Aramco has signed a preliminary, non-binding agreement with Ma'aden to establish a joint venture for mineral exploration and mining in Saudi Arabia. He explained that the project could leverage Aramco's vast geoscience data and extensive knowledge of subsurface layers, with the potential to begin lithium production by 2027.
“Technology is a critical component of Saudi Aramco's efforts to develop new solutions that contribute to the sustainability of its operations in the exploration, production, refining, chemicals, and marketing sectors, noting that the company is currently using artificial intelligence-based analytics to monitor and reduce greenhouse gas emissions,” the Aramco official said.
Nasser emphasized that Saudi Aramco, as it looks to the future, believes that the global energy transformation lies in adopting a multi-source, multi-speed, and multi-dimensional approach that takes into account the actual priorities for energy security and sustainability, and at a reasonable cost in each country. He noted that the company has great confidence in its ability to keep pace and thrive in a world increasingly aware of the need to reduce carbon emissions.
He explained that this confidence is based on Saudi Aramco's competitive advantages, including its unique scale of operations, low production costs, and being among the world's lowest-carbon producers in the upstream sector. He also highlighted the company's greatest asset, its human capital of men and women, who remain committed to providing the reliable energy the nation and the world need, today and in the future.
