Year in Review
2022: Collective efforts made for a remarkable year
In a year full of milestones, it was a year defined by teamwork and what it means to be an Aramcon.
It has been a remarkable year for Aramco, as we expanded our operations with a focus on a culture of innovation and building the workforce of the future, while reducing emissions and enhancing biodiversity.
Thanks to the dedication and talent of employees across the company, Aramco exceeded expectations. Net income rose 39% year-on-year in the third quarter of 2022, proving yet again our ability to generate significant value even during times of uncertainty.
Throughout the year, Aramco continued to meet customers’ changing needs by strengthening cooperation with partners and remaining a bedrock of global market stability. We made continuous progress toward achieving our target of net-zero emissions by 2050, investing in research and development, incubating innovation, and utilizing cutting-edge technologies.
Many milestones were achieved during the past year, making for a better today and a brighter tomorrow.
Launch of NEXCEL (Inauguration of Beijing center of excellence)
Aramco and the China Building Materials Academy announced the launch of NEXCEL, a new Nonmetallic Excellence and Innovation Center to further advance the use of nonmetallic materials in the building and construction sector.
Aston Martin Cognizant Formula One™ Team and Aramco announce a long-term strategic partnership
As a result the partnership will drive research and development, include team sponsorship rights, a licensing agreement, as well as exclusive branding and endorsement rights for Aramco fuels and lubricants. The team will be known as the Aston Martin Aramco Cognizant Formula One™ Team.
Sixth iktva Forum
Aramco’s supply chain resilience has been further enhanced by the signing of 50 new MoUs at the In-Kingdom Total Value Add (iktva) Forum and Exhibition.
Launch of Prosperity7
Aramco officially announced the launch of Prosperity7 Ventures, a $1 billion venture capital fund, during the LEAP 22 technology conference in Riyadh.
Aramco and SINOPEC MoU signing ceremony
Aramco signed an MoU with China Petroleum & Chemical Corporation (Sinopec) covering multiple areas of potential collaboration.
Aramco full-year 2021 financial results
Aramco announced its full-year 2021 results with net income more than doubled year-on-year to $110 billion.
Voluntary Carbon Market
Aramco has taken a major step toward fulfilling its commitment to achieving net-zero greenhouse gases across its wholly-owned assets by 2050, by signing a MoU to join the Voluntary Carbon Market, a new initiative launched by the Public Investment Fund.
LAB7 inauguration
The highly anticipated Innovation and Product Development Center (LAB7) was officially inaugurated; expected to grow into a significant platform for innovators and entrepreneurs in the Kingdom as it provides a one-stop solution for the development of innovative ideas to products.
Sustainability Report
Aramco published its first ever Sustainability Report, containing details of its net-zero by 2050 target and describing plans to reduce emissions from operations.
Aramco and Cognite joint venture (CNTXT) launch
Aramco and Cognite, a global leader in industrial software, have launched CNTXT, a joint venture based in the Kingdom of Saudi Arabia. Headquartered in Riyadh, CNTXT plans to support the Kingdom’s industrial digitalization, and the wider Middle East and North Africa (MENA) region.
Aramco Research Center-KAUST inauguration
Aramco Research Center (ARC) at KAUST is envisioned to be a world-class center for advancing hydrocarbon sustainability solutions through the use of IR4.0 technologies such as Artificial Intelligence (AI).
Namaat 2022
Aramco announced a major expansion of its Namaat industrial investment programs, with 55 agreements and MoUs across the sustainability, digital, industrial, manufacturing, and social innovation sectors.
Valvoline Inc. acquisition
Aramco announced the signing of an equity purchase agreement to acquire Valvoline Inc. global products business for $2.65 billion. The transaction is subject to certain customary adjustments set forth in the equity purchase agreement.
Blue Hydrogen and Ammonia accreditation
Aramco and the SABIC Agri-Nutrients Co. have received the world’s first independent certifications recognizing “blue” hydrogen and ammonia production.
AI Corridor launch
At the Global Artificial Intelligence (AI) summit in Riyadh, Aramco unveiled its Global AI Corridor, an ambitious partnership between the company and private industry for facilitating and accelerating the update of AI across industries in Saudi Arabia.
The International Cricket Council (ICC) Partnership
The partnership will include Aramco sponsorship of all major men’s and women’s ICC events scheduled until the end of 2023.
Taleed Inauguration (Leap10 inauguration)
Aramco’s Small and Medium Enterprises (SMEs) Sustainability & Growth program has been established to enable and sustain local SMEs. The launch celebrated 30 MoU signings with private and public sectors.
$1.5 billion Sustainability Fund
Aramco has created a $1.5 billion Sustainability Fund to invest in technology that can support a stable and inclusive energy transition. It was unveiled at the sixth edition of the Future Investment Initiative (FII) and is among the largest sustainability-focused venture capital funds globally.
Saudi Green Initiative 2022
Aramco is planning to contribute around 6 million tonnes of carbon dioxide (CO2) to one of the largest planned carbon capture and storage (CCS) hubs; which was announced by the Ministry of Energy during SGI.
Announcement of The ‘Amiral’ petrochemical complex
Aramco and TotalEnergies have taken the final investment decision for the construction of a world scale petrochemical facility in Jubail.