Saudi Aramco Joins World Bank's Initiative: 'Zero Routine Flaring by 2030"

Saudi Aramco has a strong track record in minimizing routine flaring - flaring less than 1% of its total raw gas production in the first half of 2019

The Company’s 2018 upstream carbon intensity is among the lowest globally - 10.2 kg of CO2 equivalent per barrel of oil equivalent

 

Dhahran; November 6, 2019 – Saudi Aramco announced today that it is joining the World Bank Initiative: ‘Zero Routine Flaring by 2030’. Saudi Aramco has a strong focus on flaring reduction, which remained at less than 1% of its total raw gas production in the first half of 2019.

Ahmad A. Al-Saadi, Saudi Aramco Senior Vice-President, Technical Services said: “We are proud to join the ‘Zero Routine Flaring by 2030’ Initiative, which we view as an important global effort to eliminate flaring. We have been taking active steps to reduce flaring in our operations for the past 40 years and have invested in a range of flaring reduction technologies and programs to achieve our excellent performance.”

He further noted: “Beyond this initiative, we are also investing in advanced technologies to enable greater efficiency and lower emissions in transport, carbon-free hydrogen fuels, and carbon capture, utilization and storage (CCUS). This is all part of our broader effort to enable the circular carbon economy and deliver clean, reliable and affordable energy to the world while minimizing greenhouse gas emissions.”

Saudi Aramco’s low flaring levels are a result of its decades-long focus on sustainability, which encompasses the development of the Kingdom’s Master Gas System in the 1970’s, rolling out a Company-wide Flaring Minimization Roadmap, using innovative flaring reduction technologies and establishing a Fourth Industrial Revolution Center that monitors all the Company’s operations including flaring in real-time.

In addition, and as a result of Saudi Aramco’s reservoir management best practices, flaring minimization and energy efficiency programs, the Company’s 2018 upstream carbon intensity figure is among the lowest globally at 10.2 kilograms of CO2 equivalent per barrel of oil equivalent.

Launched in April 2015, the ‘Zero Routine Flaring by 2030’ Initiative is a World Bank climate collaboration that brings together governments, oil and gas companies, and development institutions from around the world to eliminate routine flaring by 2030. Over 80 governments and organizations have joined the initiative, including the Government of Saudi Arabia, which joined in December 2018.







About Aramco

Aramco is a global integrated energy and chemicals company driven by the core belief that energy is opportunity. From producing approximately one in every eight barrels of the world’s oil supply to developing new energy technologies, our global team is dedicated to creating impact in all that we do. We focus on making our resources more dependable, sustainable and useful, promoting stability and long-term growth around the world. www.aramco.com

International media: international.media@aramco.com
Domestic media: domestic.media@aramco.com

About the Public Investment Fund (PIF)

The Public Investment Fund seeks to become one of the largest and most impactful sovereign wealth funds in the world, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of Saudi Arabia. To achieve this, the Fund is building a world-class, diversified portfolio through investments in attractive, long-term opportunities across sectors and asset classes at both the domestic and international levels. Working alongside global strategic partners and renowned investment managers, PIF acts as the Kingdom’s main investment arm to deliver a strategy focused on achieving attractive financial returns and long-term value for the Kingdom of Saudi Arabia, in line with Saudi Vision 2030.

The Public Investment Fund Program (2018-2020), part of the Kingdom’s Vision 2030 Vision Realization Programs, acts as a roadmap to strengthen PIF’s position as the engine behind economic diversification in the Kingdom and its role in transforming Saudi Arabia into a global investment powerhouse. The program will see the Fund’s Assets Under Management increase to over $400 billion by 2020 and outlines how PIF aims to complement private sector development in the Kingdom through its new domestic investment, split between the Fund’s Saudi Holdings, Saudi Sector Development, Saudi Real Estate & Infrastructure Development, and Saudi Giga-Projects. For more information please visit www.PIF.gov.sa.

Media contact: media@PIF.gov.sa

About Saudi Basic Industries Corporation (SABIC)

SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. SABIC manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.

SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. Production in 2019 was 72.6 million metric tons. SABIC has more than 33,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 11,738 global patent filings, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.

Media contact: pressoffice@sabic.com