Middle East The Saudi Arabian Oil Company ('Aramco' or 'the Company') released its first sustainability report today, outlining how it expects to reduce emissions while providing reliable and cheap energy solutions.

The report, which the Company expects to update on an annual basis, provides further information on Aramco's efforts to support the broader energy transition, with a set of interim targets the Company aims to achieve by 2035. The report's release follows the Company's announcement of its ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas (GHG) emissions across its wholly-owned operated assets by 2050.

By 2035 Aramco aims to reduce its Upstream carbon intensity, already one of the lowest in the industry, by 15% to 8.7kg of CO2 equivalent per barrel of oil equivalent (CO2e/boe), against a 2018 baseline of 10.2kg CO2e/boe.

The Company also aims to reduce or mitigate net Scope 1 and Scope 2 GHG emissions across its wholly-owned operated assets, both in its Upstream and Downstream segments, by more than 50 million metric tons of CO2e annually by 2035, when compared to the business-as-usual forecast.

Amin H. Nasser, Aramco President & CEO, said: 'Our ambition is to achieve operational net-zero by 2050 and our sustainability report highlights how we aim to continue meeting the world's rising demand for secure, reliable and affordable energy, while also contributing to the broader energy transition. We are investing for the long-term, against a backdrop of global energy and economic uncertainty, and we will continue to integrate breakthrough technologies in our operations over the next decade and beyond.'

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