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Saudi Aramco signs MoU with Nokia to support digital transformation

Saudi Aramco signs MoU with Nokia to support digital transformation

/ Technology & Smart Cities / Monday, 28 March 2022 11:45

Saudi Aramco signed 10 MoUs and two agreements with local and global firms, including Nokia in the fields of digital transformation and information technology on the first day of the Global Entrepreneurship Congress (GEC) hosted by Riyadh under the patronage of Crown Prince Mohammed bin Salman.

The Saudi Arabian oil company “Aramco” has announced its full-year 2021 financial results, reporting that net income increased 124% to $110.0 billion in 2021, compared to $49.0 billion in 2020. The increase in net income reflects higher crude oil prices, stronger refining and chemicals margins, and the consolidation of SABIC’s full-year results. Aramco declared a fourth quarter dividend of $18.8 billion, to be paid in the first quarter of 2022. Cash flow from operating activities was $139.4 billion compared to $76.1 billion in 2020.

The company also announced its growth strategy, which in its upstream business includes continuing to raise crude oil maximum sustainable capacity (MSC) to 13 million barrels per day (mmbpd) by 2027, and potentially increasing gas production by more than 50% by 2030. In its downstream business, the company plans to expand its liquids to chemicals capacity to up to 4 mmbpd. Aramco also intends to develop a significant hydrogen export capability and become a global leader in carbon capture and storage (CCS).

In addition, the company is targeting investment in renewable energy and nature-based solutions, as it pursues its ambition of achieving net-zero scope 1 and scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050. This includes an aim to reach near-zero upstream methane emissions by 2030.

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