Aramco has announced that it is proceeding in its upstream developments including the Marjan, Berri, Dammam, and Zuluf crude oil increments, as part of broader capacity expansions.

It added, in its financial results, that its downstream progress is growing after winning an engineering, procurement, and construction contracts for establishing Amiral petrochemicals complex which worth $11.0 billion.

Furthermore, Aramco said that it achieved net income, during H1 2023, of $62 billion noting that the net income during Q2 amounted to $30.1 billion. It reported also that its cash flow from operating activities reached $73.3 billion in the H1 and $33.6 billion during Q2.

Commenting on the results Aramco President & CEO Amin H. Nasser, said: “Our strong results reflect our resilience and ability to adapt through market cycles. We continue to demonstrate our long-standing ability to meet the needs of customers around the world with high levels of reliability. For our shareholders, we intend to start distributing our first performance-linked dividend in the third quarter.

“At Aramco, our mid to long-term view remains unchanged. With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security, he added”

“We are maintaining the largest capital spending program in our history, with the aim of increasing our oil and gas production capacity and expanding our Downstream business — with petrochemicals projects, such as our $11.0 billion expansion of the SATORP refinery with TotalEnergies, essential to meet future demand, Nasser said”

“At the same time, we remain optimistic about the potential for new technologies to reduce our operational emissions, and our recent blue ammonia shipments to Asia highlight the growing market interest in the potential of alternative, lower-carbon energy solutions, the CEO reported”