Amin Nasser, CEO, Saudi Aramco

Istanbul, (IINA) : Saudi Aramco will invest $300 billion in the oil and gas sector over the next decade to maintain oil and gas supplies, the company’s CEO said Tuesday in Istanbul, Anadolu Agency reported.

Speaking at the World Energy Congress in Istanbul, Saudi Aramco CEO Amin Nasser said that fluctuations in oil prices will also affect natural gas prices. He shared his concerns that not enough investment will be made in oil and gas in the long term due to social pressures, regulatory pressures and the move towards cleaner technology.

However, he asserted that oil and gas will still play a significant role in the future amid a recovery in the oil market, and consequently they will continue to invest in the downstream and chemicals sector by pledging $300 billion to maintain their production position and to have spare capacity.

Nasser noted that global energy needs are about 280 million barrels of oil equivalent of which 80 percent is derived from fossil fuels.