Positioning Aramco for the future
Aramco’s strategy is driven by its belief that reliable and affordable energy supplies, including oil and gas, will be required to meet the world’s growing energy demand, and that new lower-carbon energy supplies will gradually complement conventional sources.
Aramco continues to work to achieve further reductions in greenhouse gas emissions from its oil and gas operations. Aramco also invests in technologies and solutions supporting the global energy and materials transition towards a lower-carbon emissions future. The world’s demand for affordable, reliable, and more sustainable energy will continue to grow, and Aramco believes it can best be met by a broad mix of energy solutions.
Within this context, Aramco’s vision is to be the world’s preeminent integrated energy and chemicals company, operating in a safe, sustainable and reliable manner.
Aramco strives to provide reliable, affordable and more sustainable energy to communities around the world, and to deliver value to its shareholders through business cycles by maintaining its preeminence in oil and gas production and its leading position in chemicals, aiming to capture value across the energy value chain and profitably growing its portfolio.
To achieve its vision, Aramco focuses on four strategic themes across its businesses:
Upstream preeminence
Downstream integration
Lower-carbon initiatives
Aramco aims to lower the net carbon emissions of its operations and support the global energy transition through development of a New Energies business that includes renewable power generation and lower-carbon products and solutions across the energy, chemicals, and materials sectors.
Aramco has ambitions to capture and store up to:
11 million tons
of CO2 annually from Aramco facilities, plus additional CO2 from other industrial sources, by 2035, and invest in up to 12 gigawatts of solar PV and wind projects by 2030.
Localization and the promotion of national champions
Aramco facilitates the development of a diverse, more sustainable, and globally competitive in-Kingdom energy ecosystem to underpin the Company’s competitiveness and support the Kingdom’s economic development.
Aramco is helping to build a world class local supply chain through its iktva program.
Percentage of total procurement expenditures locally sourced1
55.8%
2019
57.5%
2020
59.0%
2021
63.0%
2022
65.0%
2023
1. Applies to Saudi Arabian Oil Company (the Company).