Week 44 in Review: Green initiatives, an entry into the Kingdom’s retail sector, and more
Aramco’s announcement that it plans to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions by 2050 led off a week full of major news.
Here are some of the top headlines over the past week.
Aramco has announced its ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly owned operated assets by 2050. This ambition is an important part of the company’s focus on long-term shareholder value creation by advancing its goals through a companywide approach in sustainability.
The company plans to disclose further details in its forthcoming Sustainability Report to be issued in the second quarter of 2022.
The announcement complements the Kingdom of Saudi Arabia’s aim to reach net-zero emissions by 2060.
In what has been described as a “milestone” by Aramco president and CEO Amin Nasser, Aramco and TotalEnergies have launched the first two service stations of a joint retail network in the Kingdom’s cities of Riyadh and Saihat.
Stations in the network will operate under the Aramco or TotalEnergies brands, providing motorists with quality fuels and premium retail services.
Aramco signed off on the 50/50 venture with TotalEnergies in 2019.
On Tuesday, Aramco announced plans to expand its focus on emerging sectors to drive private sector innovation and investment. During the Future Investment Initiative, it outlined potential new projects in green hydrogen, sustainable technology solutions, advanced nonmetallic building materials, and digitalization.
The company is pursuing investment opportunities in projects that could potentially reduce greenhouse gas (GHG) emissions, following the recent announcement of its ambition to achieve net-zero Scope 1 and Scope 2 GHG emissions across its wholly owned operated assets by 2050.
To move its program forward, Aramco has signed five Memoranda of Understanding.
The Formula 1 (F1) Aramco U.S. Grand Prix returned to the U.S. and the state of Texas with drivers competing at the Circuit of the Americas (COTA), the first track in the U.S. to be purpose-built for F1 and host to other famed races.
Aramco’s long-term global sponsorship with the international race was announced in 2020, marking the company’s first global sponsorship of a major sporting event and connecting Aramco with a worldwide audience of 500 million racing fans.
“Amazing. I never really thought how grand this event was and above all the technology behind it,” said Mohammed Y. Al Qahtani, Aramco’s senior vice president of Downstream, who experienced his first F1 race.
On Oct. 14, Aramco and EXPEC ARC were recognized at the 20th World Oil Awards ceremony that was held in Houston, TX, in a return to the traditional in-person setting. Aramco was recognized as a winner in five categories, four of which are from EXPEC ARC, and one winner from Northern Area Oil Operations (NAOO), doubling last year’s number of awards received, and setting a new record for the company and the research organizations.
The received awards cover traditional and emerging domains, highlighting the company’s efforts in the whole Upstream value chain. It also focuses on its efforts toward digital transformation and reducing its operations’ carbon footprint.