Saudi Aramco in drive to ­curb emissions

Aramco CEO Amin Nasser said that the energy giant is committed to lower emissions. (Reuters)
Updated 28 October 2017
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Saudi Aramco in drive to ­curb emissions

LONDON: Saudi Aramco has joined other global energy companies in announcing an investment package for new and promising technologies to curb emissions.
President and CEO of Aramco, Amin Nasser, met major leaders in energy and climate sectors on Friday at the annual meeting of investment group Oil and Gas Climate Initiative (OGCI), which will implement these innovations.
Nasser said Saudi Aramco was committed to focusing on research and development to innovate emission-lowering technologies and transforming them into commercial products and projects that are cost-effective and have significant environmental advantages.
“We are taking advantage of our global network of research and development centers that include a wide range of international and Saudi scientists and researchers to create future solutions in the transport sector,” Nasser said.
Converge Technology, for example, helps produce low-GHG footprint polymers that have a commercial market and at the same time are characterized by a reduced ecological footprint.
Nasser added that “the implemented investments to benefit from the innovations of Solidia Technologies and Achates Power companies, and the development and construction of the first commercial gas-generating power plant which is capable of capturing, storing and using carbon, are considered the best demonstration of the determination and persistence of OGCI to address the dilemma of global warming through innovative solutions.”
These investments are in line with Saudi Aramco’s efforts to lower emissions that cause global warming in the energy sector.
In a joint statement, OGCI member companies said that natural gas is a vital part of the transformation process toward a future of low carbon emissions.
“Our aim is to work toward near-zero methane emissions from the gas value chain. We are also committed to ensure that natural gas continues to deliver its clear climate and clean air benefit compared with coal,” the statement read.


EU to respond to any US auto tariff move: report

Updated 23 June 2018
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EU to respond to any US auto tariff move: report

  • Trump threatened to impose 20 percent tariff
  • Shares in carmakers slip on trade war fears

PARIS: The European Union will respond to any US move to raise tariffs on cars made in the bloc, a senior European Commission official said, the latest comments in an escalating trade row.
US President Donald Trump on Friday threatened to impose a 20 percent tariff on all imports of EU-assembled cars, a month after his administration launched an investigation into whether auto imports posed a national security threat.
“If they decide to raise their import tariffs, we’ll have no choice, again, but to react,” EU Commission Vice President Jyrki Katainen told French newspaper Le Monde.
“We don’t want to fight (over trade) in public via Twitter. We should end the escalation,” he said in the comments published on Saturday.
The European Autos Stocks Index fell on Friday after Trump’s tariff threat. Shares US carmakers Ford Motor Co. and General Motors Co. also dropped.
“If these Tariffs and Barriers are not soon broken down and removed, we will be placing a 20% Tariff on all of their cars coming into the US Build them here!” Trump tweeted.
The US Commerce Department has a deadline of February 2019 to investigate whether imports of automobiles and auto parts pose a risk to US national security.
US Commerce Secretary Wilbur Ross said on Thursday the department aimed to wrap up the probe by late July or August. The Commerce Department plans to hold two days of public comments in July on its investigation of auto imports.
Trump has repeatedly singled out German auto imports to the United States for criticism.
Trump told carmakers at a meeting in the White House on May 11 that he was planning to impose tariffs of 20 or 25 percent on some imported vehicles and sharply criticized Germany’s automotive trade surplus with the United States.
The United States currently imposes a 2.5 percent tariff on imported passenger cars from the EU and a 25 percent tariff on imported pickup trucks. The EU imposes a 10 percent tariff on imported US cars.
The tariff proposal has drawn sharp condemnation from Republican lawmakers and business groups. A group representing major US and foreign automakers has said it is “confident that vehicle imports do not pose a national security risk.”
The US Chamber of Commerce said US auto production had doubled over the past decade, and said tariffs “would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war.”
German automakers Volkswagen AG, Daimler AG and BMW AG build vehicles at plants in the United States. BMW is one of South Carolina’s largest employers, with more than 9,000 workers in the state.
The United States in 2017 accounted for about 15 percent of worldwide Mercedes-Benz and BMW brand sales. It accounts for 5 percent of Volkswagen’s VW brand sales and 12 percent of its Audi brand sales.