Saudi Arabia’s Aramco announced that it has achieved a jump in its net income which more than doubled year-on-year (YoY) by 124% to $110 billion in 2021 compared to $49 billion in 2020, the company declared in a press release.

Aramco revealed its growth strategy in which it continued to increase its crude oil Maximum Sustainable Capacity (MSC) to 13 million barrels per day (mmbl/d) by 2027 and to hike gas production by more than 50% by 2030.

Regarding downstream activities, the company said that it intends to raise its liquids to chemicals capacity to up to 4 mmbl/d. This is besides its plan to boost its hydrogen export as well as carbon capture and storage (CCS) capability.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said  “Our strong results are a testament to our financial discipline, flexibility through evolving market conditions and steadfast focus on our long-term growth strategy, which targets value growth for our shareholders.

“Although economic conditions have improved considerably, the outlook remains uncertain due to various macro-economic and geopolitical factors. But our investment plan aims to tap into rising long-term demand for reliable, affordable and ever more secure and sustainable energy.”