- Saudi Aramco announced on Saturday that it is developing a new technology to improve the performance of vehicle engines to achieve two goals; reducing fuel consumption and reducing emissions that cause environmental pollution.
“A large proportion of its petroleum products are used as fuel for vehicles, so the R & D network in the company is developing advanced combustion methods like the fabrication of new fuel that is more effective, and the introduction of hybridization solutions.” Aramco said in a statement yesterday.
Aramco also added that the use of more volatile fuels such as gasoline significantly reduces the emissions, pointing out that the right technique is combustion under high pressures that is more efficient, but it is used with the wrong type of fuel, which is «diesel», which means that only the type of fuel must be changed, and thus reduce consumption and lessen emissions of Carbon dioxide by between 25% and 30%. It noted that it deals with post-combustion emissions using carbon capture and conversion techniques.
There is no let-up in Aramco’s efforts in innovation and development. Especially that the Saudi Minister of Energy, Industry, and Mineral Resources, Khalid Al-Falih, stressed the importance of developing innovative capacity as a key factor in enabling Saudi Arabia to build its future economy firmly in the public and private sectors.
Speaking at the Financial Sector Conference (FSC), held on last April 24 & 25, Al-Falih said fostering innovation requires finding different financing models for companies, while giving the financial sector broader roles, allowing its players to innovate and advance.
Al-Falih discussed the technical projects run by Aramco in cooperation with many national institutions such as King Abdullah University of Science and Technology (KACST), King Abdulaziz City for Science and Technology, and Badir Program for Technology Incubators.
“Aramco and SABIC are contributing to enter Saudi Arabia to the global markets, as the two companies view the world as an open market for their products, which is reflected in reaching the Chinese and American markets.” Al-Falih added, “On this side, Aramco seeks to enhance its investment experience in the gas sector, especially in emerging markets in Asia, for example.”
Saudi Aramco continues to play a vital role in the development of the national energy services sector that will attract local energy-related industries with global competitiveness and help to consolidate and strengthen these industries. This has been demonstrated through the creation of new opportunities for the Company to enable it to operate more efficiently and effectively in terms of cost by boosting localization of economic development and diversification. The company is working on doubling its domestic energy products and services, as well as increasing its exports. For example, its program to enhance the In-Kingdom Total Value Add (IKTVA) Program directed to the Saudi’s supply sector, King Salman Energy Park (SPARK), and the King Salman International Complex for Maritime Industries & Services.