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Saudi’s Aramco aims to ramp up energy and chemicals capacity

Asian influence crucial in global energy transition, says Aramco’s CEO

Saudi’s Aramco aims to ramp up energy and chemicals capacity
[Source photo: Anvita Gupta/Fast Company Middle East]

Saudi Arabia’s Aramco is looking to lead in helping balance growing energy demands with more sustainable solutions. Amin H. Nasser, President and CEO of Aramco, has stressed the importance of “doubling down” in Asia with the help of technology, assuming a more prominent role in shaping an inclusive global energy transition.

“We are doubling down on Asia’s growing demand for energy; chemicals; advanced materials; lubricants; and new lower carbon energy, supported by game-changing technologies — doubling down on these needs by being Asia’s ‘one-stop source’ that also aims to balance energy security and affordability with environmental sustainability,” Nasser said in a keynote speech at the Energy Asia conference today in Kuala Lumpur, Malaysia.

He added that the region’s interests are not aligned with the “popular energy transition narrative and current transition policies,” explaining that energy security and affordability concerns are under-emphasized. 

“I see this as Asia’s great opportunity to speak louder and more clearly about its unique transition priorities. Asia’s transition voice should match its economic voice,” said Nasser. 

Talking about the future outlook of Asia, Nasser said that a new approach to the energy transition in Asia will help “deliver the energy future that its economies and people deserve.”

Last year, the petroleum and natural gas company raised a $1.5 billion sustainability fund that seeks to invest in tech that addresses energy security and sustainability. At the same time, they have announced plans for one of the world’s largest carbon capture and storage centers. 

By 2030, Aramco envisions converting up to four million barrels of liquids to chemicals daily.

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