Saudi Aramco is working on creating clean fuels, producing low-carbon hydrogen, and capturing, using, and storing carbon. The company intends to play a leading role in these new markets, as well as innovate new technologies.
This was explained by Yasser Al-Rumayyan, Chairman of the Board of Directors of Saudi Aramco, in the first sustainability report, pointing to Saudi Aramco’s unique leadership position in the global energy sector.
Al-Rumayyan revealed the company’s plan to take advantage of larger quantities of its main product in the manufacture of petrochemicals, which are the cornerstone of modern life, citing what is happening in the manufacture of advanced plastics from carbon particles.
However, the company can offer a low-carbon alternative to traditional materials such as steel and glass which are critical components in the manufacturing of renewable energy infrastructure.
This approach to the circular carbon economy, launched by Saudi Arabia and endorsed by the G20, is an integral part of the shift from a linear economy based on manufacturing, use, and disposal to one based on waste minimization, reuse, and recycling of non-renewable materials.
In the case of carbon, we can add a “fourth stage” which is to completely remove carbon from the cycle through extraction and storage. Al-Rumayyan stressed.
Saudi Aramco is one of the leading companies in the energy sector in reducing carbon emissions associated with production.
Saudi Aramco as a company has significant advantages, including the world-class level of its business that combines low carbon intensity from the exploration and production sector, near-zero levels of methane emissions, and gas-flaring practices, in addition to a relatively low production cost.