Saudi Aramco, the world’s largest oil company, was caught in a lie. According to Bloomberg, the company does not disclose full details of emissions to the atmosphere from its oil refining and chemical industries to investors.
Prior to its IPO in 2019, Saudi Aramco promised prospective investors that they would acquire a stake in a company that produces less CO2 emissions than other producers. However, as the agency found out, Saudi Aramco discloses incomplete information on emissions and does not include in its report several refineries and chemical industries that together produce about 55 million metric tons of carbon dioxide. This corresponds to the annual emissions of a country like Portugal. If the company reported emissions from all production facilities, their volume would double, the agency concluded.
The new data refutes the claim of a 2018 study published in the journal Science that Danish oil production in Saudi Arabia is second only to Danish oil production in terms of stability. Oil has no meaning until you refine it and convert it to gasoline, aviation or diesel fuel. And such industries are associated with larger versions of carbon dioxide emissions, ”writes Bloomberg.
However, information on such industries is actually excluded from Saudi Aramco’s reporting, as it only takes into account emissions by the company or from enterprises located in the country. While Saudi Aramco’s oil production overall is more environmentally friendly than other producers, it is not as harmless as the company claims, the agency claims.
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