OVERVIEW

CLIMATE CHANGE
AND THE ENERGY
TRANSITIONSAFE OPERATIONSAND PEOPLE
DEVELOPMENTMINIMIZINGENVIRONMENTAL
IMPACTGROWINGSOCIETAL VALUE

GOVERNANCE

DATA

President and CEO’s message
Our partnerships also extend to our Downstream
business where we furthered our long-term goalof directing up to four million barrels per day into
liquids-to-chemicals by 2030. In Asia we brokeground on two integrated refinery and petrochemicalcomplexes, one through our affiliate S-Oil in South
Korea and another through a joint venture, HAPCO,in China. We also acquired a 10% stake in Chinese
petrochemical company, Rongsheng.

Innovating forsustainability

Aramco’s role as the indispensable partner to arealistic and robust energy transition puts us in aunique position. We take the responsibility seriously
and have put sustainability at the heart of ourstrategy. Old problems are being met with newsolutions and I am proud of what we have achieved.
Collaborating to drive more sustainable solutions
Collaboration is a key part of our approach andwe have been working with Siemens Energy on abrand-new Direct Air Capture test unit at our Dhahranbase in Saudi Arabia. This new test unit is expected tohave the capacity to capture up to 12 tons of CO2 fromthe atmosphere per year and could pave the way for alarger plant with the ability to capture more than
100 times that amount.

Alongside Danish technology leader Topsoe, we haveplans to build a lower-carbon hydrogen production
demonstration plant at Shaybah, deep in the desert.
We expect to have a production capacity of six tonsof hydrogen per day and use renewable electricity inelectrified steam reforming of hydrocarbons toproduce lower-carbon hydrogen for use in power
generation, with resulting CO2 being captured
and sequestered.
On carbon sequestration, we have piloted a novel
method with our partners at King Abdullah Universityof Science and Technology using situ mineralization
which involves dissolving CO2 in water and injecting it
into volcanic rocks. This process permanently converts
CO2 into carbonate rocks, and has led to thedevelopment of innovative technologies that reduce
cost and increase efficiency.

Supporting local communities and economic growth
Our Namaat industrial investment program continues
to support new industries in the Kingdom. One suchexample from 2023 is the establishment of an integrated
steel plate manufacturing complex in Ras al-Khair
Industrial City. This joint venture with Baosteel andthe Public Investment Fund will be the first facility ofits kind in the region, creating jobs and growing theeconomy. It is also expected to help localize our
supply chain, an important iktva objective.
A Novel Non-Metallic Solutions joint venture withBaker Hughes is another supply chain localization
success. The development and commercialization of
nonmetallic products at the King Salman Energy Parkis helping create a thriving in-Kingdom energy value
chain. The nonmetallic reinforced thermoplastic pipes
being produced are corrosion resistant and easier toinstall. This means that as well as the localization
benefits in production this new material also mitigatescarbon in the field too.
On production, hydrocarbons will increasingly
be used without combustion, providing essential
ingredients for new and innovative materials
needed for the energy transition.
Maintaining a culture of safety
Safety is always at the front of our minds anddespite a continual improvement for recorded
incidents at Aramco facilities, we regrettably suffered
the loss of three lives from our team of contractors.
Thorough investigations have been carried out toavoid reoccurrences, the learnings from whichhave been shared with relevant teams. No loss oflife is acceptable and we are committed tomaintaining a culture of safety excellence.
Living our values
This year’s report demonstrates the progress we
as a company are making to encourage sustainability
in our operations and to support the Kingdom’ssustainable development. I want to pay tribute tothose making it happen, as our plans are only as
good as our people. The men and women of Aramco
stepped up again in 2023 to deliver for the company
and those who rely on us. I am proud of the values
they demonstrate every day and know we willcontinue to make great strides together.

Amin H. Nasser
President and CEO

ARAMCO | SUSTAINABILITY REPORT 202309