Aramco annual report 2024
Highlights
Reflecting on another year of success and achievements in 2024
Q1
Jafurah gas reserves additions
Aramco announced the addition of 15.0 tscf of raw gas and 2.0 bstb of condensate as proven reserves at the Jafurah unconventional field.
Petrochemical complex construction
Construction commenced at the SABIC Fujian Petrochemical Complex in China’s Fujian province. The complex will consist of a mixed-feed steam cracker and world-class downstream facilities, with an expected annual ethylene capacity of up to 1.8 million tons.
South America retail investment
Aramco completed its first international investment in LNG by acquiring a strategic minority stake in MidOcean.
South America retail investment
Aramco completed its acquisition of a 100% equity stake in the Chilean retailer Esmax, representing its first downstream retail investment in South America.
Sudair Solar PV Plant
The Sudair Solar PV Plant, jointly owned by Aramco (30%), PIF (35%), and ACWA Power Company (35%), reached full operational capacity of 1.5 GWac.
Q2
Strategic gas expansion
Contracts worth more than $25.0 billion awarded in relation to the Jafurah unconventional gas development, the expansion of Aramco’s Master Gas System, new gas rigs, and ongoing capacity maintenance to progress Aramco’s gas expansion strategy.
Hadeed ownership transfer
SABIC completed the transfer of its ownership of the Hadeed to PIF, enabling SABIC’s portfolio optimization efforts so it can focus on its core business, and supporting its vision to become the preferred world leader in chemicals.
Pakistan retail investment
Aramco completed its acquisition of a 40% equity stake in Gas & Oil Pakistan Limited, supporting its global retail expansion and marking its first entry in the Pakistani fuels retail market.
Secondary public offering
The Government completed the sale of the Company’s ordinary shares, representing 0.7% of the Company’s issued shares through a secondary public offering.
First verified carbon offset crude cargo
Aramco delivered its first independently-verified carbon offset crude cargo through a pilot shipment of two million barrels of Arabian Light crude oil.
Q3
Oil and gas discoveries
Aramco announced that exploration activities resulted in seven oil and gas discoveries in the Kingdom’s Eastern Province and Empty Quarter.
Hawiyah Unayzah Gas Reservoir Storage
The Hawiyah Unayzah Gas Reservoir Storage, the first underground natural gas storage in the Kingdom, successfully completed its first full cycle of gas storage and reproduction.
Petro Rabigh investment
Aramco signed a definitive agreement to acquire an additional stake of approximately 22.5% in Petro Rabigh from Sumitomo Chemical for ﷼ 2.6 billion ($0.7 billion).
ALBA shareholding sale
SABIC announced the signing of an agreement for the sale of its 20.62% stake in ALBA to Ma’aden. The sale was completed in February 2025.
Three solar PV projects
Aramco, along with partners ACWA Power Company and PIF, announced the financial closure for three solar PV projects worth ﷼ 12.0 billion ($3.2 billion) and with a combined capacity of 5.5 GWac.
International bond offering
Aramco successfully raised ﷼ 22.5 billion ($6.0 billion) through an international bond issuance, reflecting the market’s belief in Aramco’s longevity and the strength of its balance sheet.
Q4
Additional International LNG investment
Aramco made further investments in MidOcean, which included the funding of MidOcean Energy’s acquisition of additional interests in Peru LNG.
Integrated refining and petrochemical groundbreaking
Aramco, Sinopec, and Fujian Petrochemical broke ground on an integrated refining and petrochemical complex in China, further expanding Aramco’s downstream investment portfolio in China and advancing its liquids-to-chemicals strategy.
HORSE Powertrain acquisition
Aramco completed its acquisition of a 10% equity stake in HORSE Powertrain to solidify a key strategic partnership to pursue advances in powertrain technologies, synthetic fuels, and lubricants.
CCS hub
A shareholders’ agreement between Aramco, Linde, and SLB was signed for the development of the Jubail CCS hub with a planned CO2 storage capacity of up to 9.0 mmtpa.
International sukuk issuance
Aramco announced the completion of its ﷼ 11.25 billion ($3.0 billion) international sukuk issuance, demonstrating Aramco’s efforts to widen and diversify its debt investor base, and enhance liquidity.