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Aramco annual report 2023

Our strategy





Results and performance

Business model


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

  • As the principal engine of value generation, Aramco intends to maintain its position as the world’s largest crude oil company by production volume and one of the lowest-cost producers. The Company’s vast reserves base, spare capacity, and unique operational flexibility allow it to effectively respond to changes in demand.
  • Strategy in action

    Aramco plans to increase its gas production by more than 60% by 2030 compared to 2021 production levels, subject to domestic demand.
  • “Upstream successfully commissioned long-term projects, progressed multiple growth projects including the Middle East’s largest shale gas development, made multiple discoveries, and initiated our first global liquefied natural gas investment, while delivering safe and reliable operations.”

    Nasir K. Al-Naimi, Upstream President

Downstream integration

  • Aramco has a dedicated system of domestic and international wholly-owned and affiliated refineries that are critical to monetizing its upstream production. Through continued strategic integration, the Company captures additional value across the hydrocarbon chain.
  • Strategy in action

    Aramco’s dedicated system of domestic and international refineries provide secure demand for upstream crude production.
  • “Downstream made strategic investments and partnerships in key global markets, commenced construction of new refining and petrochemical complexes, and continued to deliver on its transformation program.”

    Mohammed Y. Al Qahtani, Downstream President

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











1. Applies to Saudi Arabian Oil Company (the Company).

Results and performance