Aramco CEO in call for ‘ultra clean energy’

“We must continuously remind all our stakeholders that we are a global industry at the cutting edge of science, technology, engineering and logistics, supported by a complex global supply chain,” Nasser said. (AFP)
Updated 11 September 2019

Aramco CEO in call for ‘ultra clean energy’

  • Oil giant chief takes aim at climate change deniers during global oil industry gathering in Abu Dhabi

ABU DHABI: There is no limit to the oil industry’s potential if it can meet society’s demand for “ultra clean” energy, Amin Nasser, the president and chief executive of Saudi Aramco, told delegates at the World Energy Congress in Abu Dhabi.

“The world faces an incredible climate challenge and we need a bold response to match. In my view, that means the entire industry must come together around a new mission beyond our gates of making oil and gas much cleaner across the full spectrum of end-use applications,” Nasser said.

His comments were seen against the background of Aramco’s long term strategy to be regarded not just as a pumper of crude oil, but as a diversified high technology energy group with a strong sense of corporate social responsibility. Nasser spoke recently of a “crisis of perception” in the oil industry.

“We must continuously remind all our stakeholders that we are a global industry at the cutting edge of science, technology, engineering and logistics, supported by a complex global supply chain,” Nasser said.

In an apparent swipe at climate-change deniers, he hit out at those who do not recognize the need for alternatives to hydrocarbon fuels to meet rising global energy demand. 

“Many governments are adopting policies that do not appear to consider all the complex aspects of global technology, the long term nature of our business, and the need for orderly transitions — policies that seem to assume there are quick and easy answers to the many challenges that alternatives face,” he said.

Nasser added that throughout Aramco’s history, it had a competitive edge in four key areas: Resource abundance, safe production, reliable supply and affordability. “But meeting society’s expectations requires a fifth. Quite simply, our products need to be much cleaner,” he said.

He added that the world was “at a turning point” in the search for cleaner forms of energy. “The good news is that we are not starting from scratch,” he said, highlighting Aramco’s halt to gas flaring, its low upstream carbon intensity, and low methane levels by industry standards.

He also underlined Aramco’s commitment to a range of technologies with transformative potential for the whole global oil industry, like advanced integrated engine fuel systems and carbon capture techniques.

“This is the latest turning point in our history, and we must, once again, lead the turn,” Nasser said.

 


Saudi economy can withstand pandemic: Finance minister

Updated 31 min 54 sec ago

Saudi economy can withstand pandemic: Finance minister

  • Mohammed Al-Jadaan thanks Saudi leadership for urgent decisions taken to deal with the coronavirus crisis

JEDDAH: The Saudi economy can withstand the coronavirus crisis despite the need to cut spending, Finance Minister Mohammed Al-Jadaan said on Saturday. 

“The Saudi economy is able to absorb the decline in revenues and to deal with the budget deficit,” he said, adding that the government “firmly addressed this crisis with all determination, while prioritizing the safety and health of its citizens and residents.”

Al-Jadaan said the government “also worked hard to provide people with their basic needs, secure the necessary resources for health care systems, financially and economically support those most affected by the pandemic, and re-prioritize spending under the current circumstances.”

He thanked the Saudi leadership for “its unlimited support, and for the urgent decisions taken by the government to deal with the coronavirus crisis, including the initiatives it had launched to protect the Kingdom’s economy and support the private sector, its enterprises, low-income individuals and investors.”

The Kingdom “also showed a great sense of responsibility and commitment by holding the extraordinary G20 Summit in the framework of its presidency of the group, and recommending an injection of $7 trillion into the global economy as part of the financial policies, economic measures and security schemes aimed at facing the social, economic and financial repercussions of the pandemic,” he said.

“Saudi Arabia called for the bridging of the funding gap, estimated at $8 billion, to discover and develop new diagnostic tools, treatments and vaccines, while also providing $500 million of the required amount.”

Al-Jadaan congratulated the Saudi leadership on the occasion of Eid, and asked God to bless the Kingdom, protect it from the pandemic, and maintain its security and stability.