Saudi Aramco’s expansion strategy providing fuel for Vision 2030

RIYADH: Saudi oil giant Aramco’s robust integrated expansion strategy is helping to drive forward the Kingdom’s Vision 2030 economic diversification plan while it balances sustainability concerns, experts have told Arab News.

Situated at the heart of Saudi Arabia’s energy sector transformation, the state-owned firm has been focused on creating new market opportunities and increasing integration across various areas.
Economists have told Arab News that Aramco is not just focused on adding to Saudi Arabia’s bottom line, but is also developing technological innovation to help deliver on ambitious environmental goals.
These include a special $1.5 billion fund created to invest in technology that can help lower fossil fuel use — underlining the company’s commitment to reducing its carbon footprint and driving energy efficiency.
Saudi-based economist Talat Hafiz told Arab News: “Among the several features that Aramco is careful to achieve aside from growth is reaching a level of sustainable business that supports the company’s growth in a very complex business environment, especially when considering the changes happening in the world energy mix and the introduction of new energy alternatives such as renewable and  
nuclear energies.”