‎Aramco posts record financials in 2022, proceeds with energy investment expansions: Nasser

‎Aramco posts record financials in 2022, proceeds with energy investment expansions: Nasser

Saudi Arabian Oil Co. (Saudi Aramco) delivered record financial performance in 2022 as oil prices strengthened due to increased global demand, said President and CEO Amin Nasser.

In a statement, of which Argaam picked a copy, Nasser said Aramco continues to focus on its long-term strategy, building both capacity and capability across the value chain with the aim of addressing energy security and sustainability.

He added that company anticipates oil and gas will remain essential for the foreseeable future amid growing demand for energy and chemicals.

The risks of underinvestment in Aramco's industry are real, including contributing to higher energy prices.

"To leverage our unique advantages at scale and be part of the global solution, Aramco has embarked on the largest capital spending program in its history, and last year our capex rose by 18% to reach $37.6 billion," the top executive said.

He noted that the company focuses not only on expanding oil, gas, and chemicals production, but also on investing in new lower-carbon technologies with potential to achieve additional emission reductions, whether in its own operations or end users of products.

The oil giant recorded a 51% leap in profit, after minority interest, to SAR 598.4 billion in 2022, compared to SAR 395.2 billion