Saudi Arabian Oil Company, widely known as Aramco, is dramatically expanding beyond its oil and petrochemical roots into a diversified, technology-centric energy powerhouse. Under Chief Executive Amin Nasser, the enterprise is balancing its historic role as a revenue pillar for the Kingdom with aggressive investments in artificial intelligence, renewables, blue hydrogen, carbon capture and e‑fuels.
Aramco’s strategic pivot is anchored in its financial strength. The company reported a net income of US $106.25 billion in 2024 and maintains operating income near US $206 billion. That robust cash flow underwrites its major push into lower-carbon sectors and fuels Saudi Arabia’s Vision 2030 economic blueprint.
A cornerstone of this transition is carbon management. Aramco oversees one of the world’s largest point-source programmes, capturing up to 9 million tonnes of CO₂ annually via its Jubail CCUS hub—a joint venture with SLB and Linde, slated for completion by 2027–28. The firm has also launched a direct air capture pilot in partnership with Siemens Energy, extracting 12 tonnes of CO₂ per year to test novel materials. Alongside these projects, mobile in‑vehicle capture prototypes aim to sequester up to 40 percent of exhaust emissions.
In the hydrogen economy, Aramco has acquired a 50 percent stake in Blue Hydrogen Industrial Gases, jointly launched with Air Products Qudra. This project will produce blue hydrogen through CO₂ capture—supporting its Jubail hub. The company targets 2.5 million tonnes of blue ammonia annually by 2030, leveraging its scale and integrated supply chain.
Solar is another major pillar. Aramco aims to develop up to 12 GWdc of wind and solar capacity by 2030 and is actively building the Sudair Solar PV plant, part of a 5.5 GW portfolio. These assets will lower domestic oil usage and free up crude for export.
Technology is woven into Aramco’s transformation. A rising deployment of AI streamlines operations, enhances maintenance forecasting and reduces emissions—efforts highlighted in Bloomberg’s discussions with Amin Nasser. Meanwhile, the firm has invested in Rondo Energy to study heat‑battery systems that store solar and wind energy for high‑temperature industrial processes.
Aramco is also advancing e‑fuels to retrofit existing engines. With a 10 percent stake in Horse Powertrain—a joint venture with Geely and Renault—it is developing e‑fuel plants in Spain and Saudi Arabia, set to supply test‑scale capacity by 2027. These synthetic fuels, costing around US $14 per gallon today, could substantially cut emissions in transport and aviation.
Yet, fossil fuels remain central. At the Energy Asia Conference, Nasser underscored the enduring importance of oil and gas for global energy security during conflicts—asserting renewables currently cannot meet demand and warning that full decarbonisation could cost up to US $200 trillion. He has also cautioned that overly ambitious green transition schemes risk destabilising markets, urging consistent investment in traditional energy.
While environmentalists critique the cost and scalability of emerging technologies, Aramco appears to be playing a long strategic game. Its methane emissions dropped 11.4 percent in 2024, with interim targets set for 2030 and 2035—reinforcing its pledge to reach net‑zero Scope 1 and 2 emissions by 2050. The diversification into downstream markets—with acquisitions in Chile’s Esmax and Pakistan’s Gas & Oil network—offers additional buffers against upstream volatility.