Saudi Arabian Oil Co, also known as Saudi Aramco, is a multinational integrated oil and gas company based in Dhahran, Saudi Arabia. It is the largest oil company in the world in terms of revenue, with a net income of $111.1 billion in 2019. The company operates in the Integrated Oils sector, which involves the exploration, production, refining, and marketing of oil and gas products.
Decarbonisation is a key focus for Saudi Aramco, as the company recognizes the need to reduce its carbon footprint and contribute to global efforts to combat climate change. In 2020, the company announced its target to achieve net-zero emissions by 2050, in line with the Paris Agreement. To achieve this goal, Saudi Aramco is investing in renewable energy and carbon capture and storage technologies, as well as improving the efficiency of its operations.
Corporate energy is another area of focus for Saudi Aramco, as the company seeks to optimize its energy use and reduce costs. The company has implemented various initiatives to improve energy efficiency, such as installing energy-efficient lighting and HVAC systems in its facilities. In addition, Saudi Aramco has launched a corporate power purchase agreement (PPA) program, which allows the company to purchase renewable energy from third-party providers to power its operations.
Renewable energy is a growing area of interest for Saudi Aramco, as the company recognizes the potential of renewable sources to help meet growing energy demand while reducing carbon emissions. In 2019, the company announced plans to invest $500 billion in renewable energy projects over the next decade, with a focus on solar and wind power. Saudi Aramco has already made significant investments in renewable energy, such as its partnership with Japanese conglomerate Sumitomo Corporation to develop a 2.6 GW solar power project in Saudi Arabia.
In addition to its focus on decarbonisation, corporate energy, and renewable energy, Saudi Aramco is also committed to responsible and sustainable operations. The company has implemented various initiatives to reduce its environmental impact, such as reducing flaring and implementing water conservation measures. Saudi Aramco is also committed to supporting local communities through various social and economic development programs.
Overall, Saudi Aramco is a leading player in the Integrated Oils sector, with a strong focus on decarbonisation, corporate energy, corporate PPA, and renewable energy. The company's commitment to sustainability and responsible operations, combined with its significant investments in renewable energy, position it well for the transition to a low-carbon economy.