Skip to content
aramco logo

Aramco annual report 2023


Achieving record-setting performance and positioning ourselves for the future




Results and performance

Business model


Reflecting on another year of success and achievements in 2023


Acquired Valvoline Inc.’s global products business

Aramco completed its acquisition of Valvoline Inc.’s global products business for approximately SAR 10.34 billion ($2.76 billion), including customary adjustments.


$7.0 billion petrochemical steam cracker

Aramco and its affiliate, S-OIL, commenced construction at the SAR 26.3 billion ($7.0 billion) Shaheen project in South Korea to develop one of the world’s largest refinery-integrated petrochemical steam crackers.


Integrated refinery and petrochemical complex

Construction commenced at the SAR 44.4 billion ($11.8 billion) integrated refinery and petrochemical complex being developed by HAPCO, a joint venture between Aramco, North Huajin, and Panjin Xincheng.


Hawiyah Unayzah Gas Reservoir Storage

Hawiyah Unayzah Gas Reservoir Storage, the first underground natural gas storage in the Kingdom, achieved its maximum injection target of 1.5 bscfd.


Solar projects partnership

Aramco entered into a shareholders’ agreement with PIF and ACWA Power Company for the development of the Al Shuaibah 1 and Al Shuaibah 2 photovoltaic solar projects which are expected to have a combined capacity of 2.66 GW and an estimated cost of SAR 8.9 billion ($2.37 billion).


Performance-linked dividends

Aramco introduced performance-linked dividends to support its aim to deliver a balanced mix of growth and yield to shareholders.


Amiral EPC contracts awarded

Aramco awarded engineering, procurement, and construction contracts for the SAR 41.3 billion ($11.0 billion) new petrochemical complex to be built by SATORP, Aramco’s joint venture with TotalEnergies.


Largest voluntary carbon auction

Aramco participated as a lead bidder in the largest-ever voluntary carbon credit auction, held by the Regional Voluntary Carbon Market Company (RVCMC) in Nairobi, Kenya.


Three blue ammonia shipments

Aramco delivered three shipments of accredited blue ammonia through its affiliates ATC and SABIC Agri-Nutrients.


Novel nonmetallic factory begins operations

Novel Non-Metallic Solutions (Novel), a joint venture between Aramco and Baker Hughes to develop and commercialize a broad range of nonmetallic products, commenced operations in Saudi Arabia.


Hawiyah Gas Plant expansion

The Hawiyah Gas Plant expansion was successfully commissioned and brought onstream, increasing the plant’s raw gas processing capacity by 800 mmscfd including approximately 750 mmscfd of natural gas capacity.


Rongsheng Petrochemical deal completed

Aramco completed its strategic acquisition of a 10% interest in Rongsheng Petrochemical with a right to supply 480 mbpd or 60% of the crude oil for a total transaction value of SAR 12.8 billion ($3.4 billion).


Hadeed divestment

SABIC agreed to the sale of its 100% shareholding in the Saudi Iron and Steel Company (Hadeed) to PIF.


South America retail investment

Aramco agreed to purchase a 100% equity stake in the Chilean retailer Esmax, representing Aramco’s first downstream retail investment in South America. The transaction was completed in March 2024.


International LNG investment

Aramco announced its first international investment in LNG by signing definitive agreements to acquire a strategic minority stake in MidOcean Energy for SAR 1.88 billion ($0.5 billion).


First unconventional gas production

Aramco successfully produced its first unconventional tight gas from its South Ghawar operational area.


Gas discoveries

Aramco discovered two natural gas fields in the Empty Quarter.


First entry into the Pakistani fuels retail market

Aramco signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Limited.


Global Lighthouse Network status

The Yanbu’ Refinery becomes the fourth Aramco facility to receive WEF Global Lighthouse Network status.


Gas compression projects onstream

Nine plants were placed onstream completing the gas compression projects at the Haradh and Hawiyah fields.