Amin Nasser | Maeeshat

Saudi Aramco participates in the Future Investment Initiative 2017

by admin | May 25, 2021 | Business, Muslim World

Amin Nasser President and CEO, Saudi Aramco

By Saif Alam Siddiqui, Riyadh

(Riyadh: Maeeshat News): Saudi Aramco participated in Future Investment Initiative (FII) 2017. The aim of FII2017 is to harness Kingdom’s strong investment capabilities and exploit its unique strategic location that leads to a global investment hub connecting three continents. FII 2017 organized in the capital from 24-26 October, in association with Saudi Public Investment Fund (PIF), in the context of Saudi Arabia’s Vision 2030, it’s a major gathering of global business and policy influencers.

Under the patronage of King Salman bin Abdulaziz Al-Saud and the leadership Crown Prince and Chairman of the Public Investment Fund Mohammed bin Salman, the aim of the initiative is to provides a platform for expert analysis on current and future global investment trends, with an objective of achieving impactful, sustainable returns in line with the ambitious national transformation program Vision 2030.

Saudi Aramco President and CEO Amin Nasser took part in FII’s first panel discussion titled “The Big Shift: What New Frameworks Are Needed to Understand the Future?,” discussing economic and business transformations alongside leaders of global institutions, Yasir Al-Rumayyan, Chief Executive, Managing Director, and Secretary-General of the Public Investment Fund, Victor Chu, chairman and CEO of First Eastern Investment Group; Larry Fink, chairman and CEO of BlackRock; and Christine Lagarde, managing director at the International Monetary Fund.

Nasser expressed his view and highlighted Saudi Aramco’s initiatives and achievements for Vision 2030. “Saudi Aramco is committed to supporting Vision 2030’s key aims of a diversified economy, anchored by a thriving private sector. Our strategic intent to become the world’s leading energy and chemicals company, which includes integrating across the petroleum value chain, expanding our downstream business and doubling our refining capacity, aligns with such key national goals through the creation of new industries and business lines, increased exports and quality jobs” , On the other hand “In the same way, Saudi Aramco’s technology focus on ultra-clean oil and gas and Carbon Capture, Utilization and Storage technologies that can turn legacy fuels into lower emission fuels, supports the Kingdom’s commitment to the Paris Agreement while also leveraging the economic power of long-term innovation.”

Lastly Nasser concluded that Saudi Aramco’s efforts to increase the energy sector’s greater efficiency through localization and an emphasis on renewables likewise are growth engines for taking the economy beyond oil.

Aramco steps up global expansion

by admin | May 25, 2021 | Muslim World

DHAHRAN: Saudi Aramco is finalizing proposals for its partial privatization and will present them to its Supreme Council soon, its chief executive said about the centerpiece of the Kingdom’s efforts to overhaul its economy.

The company has a huge team working on the options for the initial public offering (IPO) of less than 5 percent of its value, which include a single domestic listing and a dual listing with a foreign market, CEO Amin Nasser said on Tuesday.

They will be presented “soon” to Aramco’s Supreme Council, headed by Deputy Crown Prince Mohammed bin Salman.
Nasser stressed that even after the listing, the government would retain sole control over Aramco’s oil and gas output levels. “Production is sovereign.”

Riyadh has traditionally kept an expensive “spare cushion” of excess production capacity, allowing it to raise or reduce levels to influence prices according to the government’s market strategy. Private oil companies, by contrast, do not hold back output for strategic gain.

Nasser also said Aramco was seeking to expand globally via joint ventures in Asia and North America.

“We are looking at the current market status that, even though challenging, is an excellent opportunity for growth,” Nasser said, adding that he was looking at opportunities in the US, India, Indonesia, Vietnam and China.

The CEO was speaking to reporters during a media visit to the company’s extensive headquarters.
Besides proposing to sell a stake in the company, which would require it to release sensitive reserves data, Riyadh has asked Aramco to play a big role in developing industrial projects aimed at stimulating non-oil economic sectors.

Aramco expects global crude oil demand to grow by 1.2 million barrels per day this year, he said, and has seen increasing demand in the United States and India.

“We will meet the call on Saudi Aramco,” Nasser said, adding that the company will increase capacity in future if needed, but that for the time being its maximum sustainable capacity would stay at 12 million bpd, with total capacity of 12.5 million bpd.

(reference:http://www.arabnews.com)