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    Saudi Aramco has forward focus on low-carbon fuels

Summary

The oil giant recorded a huge increase in net income during the second quarter.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Middle East, Energy Transition, Hydrogen, Renewables, Corporate, Financials, Political, Environment, News By Country, Saudi Arabia

Saudi Aramco has forward focus on low-carbon fuels

The head of Saudi Aramco, among the largest oil producers in the world, said August 9 that low-carbon fuels are part of its strategic focus.

“We continue to move forward on a number of strategic programs, which focus on sustainability and low-carbon fuels, maximizing the value of our assets, and advancing our downstream integration and expansion journey,” CEO Amin Nassir said.

Oil companies globally are expanding into cleaner alternatives. During a June visit to Riyah, John Kerry, the US special envoy for climate, said both governments affirmed their intent to work collaboratively on options such as methane abatement and carbon capture and storage (CCS) technologies.

Hydrogen developments were also reviewed during the June meeting.

On financials, Aramco reported net income of $25.5bn during the second quarter, compared to $6.6bn during the same period last year. Free cash flow of $22.6bn was an improvement over the $6.1bn reported during Q2 2020.

The company attributed much of the gains to the economic recovery that resulted from mass vaccination campaigns against COVID-19.

“While there is still some uncertainty around the challenges posed by COVID-19 variants, we have shown that we can adapt swiftly and effectively to changing market conditions,” Nassir said.