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    2222   SA14TG012N13

SAUDI ARABIAN OIL COMPANY

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End-of-day quote Saudi Arabian Stock Exchange  -  2022-10-05
36.00 SAR   +0.14%
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Saudi Arabian Oil : Aramco and SABIC Agri-Nutrients receive world's first TÜV certificate of accreditation for “blue” hydrogen and ammonia products

08/04/2022 | 06:52am EDT
  • Major milestone in the development of "blue" hydrogen and ammonia business
  • Products certified for capturing and utilizing CO2

The Saudi Arabian Oil Company ("Aramco") and the SABIC Agri-Nutrients Company ("SABIC AN"), have obtained the world's first independent certifications recognizing "blue" hydrogen and ammonia production.

The certifications were granted by TÜV Rheinland, a leading independent testing, inspection and certification agency based in Germany, to SABIC AN, in Jubail, for 37,800 tons of "blue" ammonia and to Aramco's wholly-owned refinery (SASREF), also in Jubail, for 8,075 tons of "blue" hydrogen. To certify ammonia and hydrogen as "blue", a significant part of the CO2 associated with the manufacturing process needs to be captured and utilized in downstream applications.

Olivier Thorel, Aramco Vice President of Chemicals, said: "These certifications are the first of their kind in the world and signify a major milestone in our efforts to develop clean energy solutions, and advance our hydrogen and ammonia export capabilities. This independent recognition reinforces the work of Aramco and SABIC in decarbonizing multiple sectors, including energy, aviation, transportation chemicals and fertilizer industries."

SABIC Agri-Nutrients CEO, Abdulrahman Shamsaddin, said: "We are indeed proud of this certification, which is part of our journey towards carbon neutrality. We are confident of further boosting growth with our low carbon portfolio helping our fertilizers as well as chemicals customers achieve their very own sustainability ambitions. We are fully aware that the current global industry challenges related to climate change and greenhouse gas emissions will require us to accelerate our pace of innovation to further strengthen our sustainability commitment. We are well positioned to move forward in this direction."

SABIC Vice President, Energy Efficiency and Carbon Management, Fahad Al-Sherehy said: "We are leveraging our strong existing infrastructure to produce blue ammonia that can help meet the world's growing needs for sustainable solutions. To help achieve Saudi Arabia's target for net-zero by 2060 as part of the Saudi Green Initiative, SABIC recognizes that hydrogen will play an essential role in decarbonisation and it is part of SABIC's overall roadmap toward carbon neutrality by 2050, with a 20% reduction target in carbon emissions by 2030. Furthermore, SABIC is exploring opportunities to utilize hydrogen for green chemistry to strengthen its sustainable solution offerings."

Aramco and SABIC's hydrogen and ammonia journey
In 2020, Aramco and SABIC collaborated on the world's first shipment of blue ammonia, a carrier of hydrogen, from Saudi Arabia to Japan. Forty tons of high-grade blue ammonia were dispatched for use in low-carbon power generation.

The new certifications represent another milestone for Aramco and SABIC to become global leaders in hydrogen and ammonia. Aramco has recently announced its target to produce up to 11 million tons per annum of blue ammonia by 2030, and is currently developing carbon capture and hydrogen capabilities. Blue hydrogen production will contribute to Aramco's ambition to achieve net-zero scope 1 and scope 2 greenhouse gas emissions across its wholly owned operations by 2050.

Disclaimer

Saudi Aramco - Saudi Arabian Oil Company published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 10:51:06 UTC.


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Financials
Sales 2022 2 198 B 584 B 584 B
Net income 2022 632 B 168 B 168 B
Net cash 2022 97 252 M 25 860 M 25 860 M
P/E ratio 2022 12,5x
Yield 2022 3,68%
Capitalization 7 917 B 2 106 B 2 105 B
EV / Sales 2022 3,56x
EV / Sales 2023 3,78x
Nbr of Employees 79 000
Free-Float 1,76%
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Number of Analysts 16
Last Close Price 36,00 SAR
Average target price 40,44 SAR
Spread / Average Target 12,3%
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Amin bin Hasan Al-Nasser Director
Ziad Thamer Al-Murshed CFO & Senior Vice President-Strategy & Development
Yasir bin Othman Al-Rumayyan Chairman
Ahmad Abdul Rahman Al-Sa'adi Chief Engineer
Lynn Laverty Elsenhans Independent Non-Executive Director
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