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Year in Review

2022: Collective efforts made for a remarkable year

Video Aramco researchers at the Aramco Research Center KAUST (ARC KAUST)

Global   -  By 

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 LEAP22 conference in Riyadh.

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 SINOPEC Mou
A memorandum of understanding with Sinopec opens up multiple areas of potential collaboration.

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 financial results
Aramco's 2021 financial results in March proved robust.

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 committed to achieving net-zero greenhouse gases by 2050 in an April MoU to join the Voluntary Carbon Market.<br>

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 released its first ever Sustainability Report in June.

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 in June launched CNTXT, a joint venture to support the Kingdom's industrial digitalization.

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-KAUST was launched in June.

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
Aramco announced an expansion of its Naamat industrial investment program in July.

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 acquisition
In August, Aramco announced it had agreed to acquire Valvoline Inc. global business products for $2.65 billion.

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. received in August the world's first independent certifications recognizing "blue" hydrogen and ammonia production.<br>

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.

Aramco partnership with International Cricket Council
In October, Aramco announced it would sponsor all major men's and women's International Cricket Council events until the end of 2023.

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 LEAP 10
Taleed inauguration in October.

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 announced
Aramco announced the creation of its $1.5 billion Sustainability Fund in October at the sixth edition of the Future Investment Initiative Forum.

$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
In November, Aramco announced the plan to contribute approximately 6 million tonnes of carbon dioxide to a CCS hub in the Kingdom.

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.