Interview of Amin H. Nasser, CEO of Saudi Aramco

We have a 400.00 barrels per day capacity refinery,

one of the top refineries in the world, near Jubail, Saudi Arabia

We started it in 2014

to create more integration and more value for us and Total,

Saudi Aramco and Total

We have found out that it is in our best interest

to build a petrochemical complex next to the refinery.

When you build a refinery

you always look at integration,

and how much value you can add,

 and definitely looking at the petrochemical complex

will add value for both sides.

 

 

We have excellent relations.

Total is a strategic partner to Saudi Aramco.

We’re looking at opportunities globally

to participate with Total,

we have interests in the downstream sector.

And because we are also looking at

opportunities in international gas,

we are evaluating any areas of collaboration

outside Saudi Arabia

in terms of international gas as well.

 

 

I think the oil market is very healthy.

This year, and even last year, things are improving.

We are seeing healthy demand,

if you look at the IEA, and EIA in terms of additional demand,

you’re looking at 1.5, 1.6 million barrels of additional demand

so demand is healthy

The OPEC and non-OPEC

agreement compliance is excellent,

so that has helped the market, definitely.

 

What they are going to do next

but what we hear in the news is that

there is very strong collaboration

and they are looking to collaborating beyond 2018,

between OPEC and non-OPEC members

 

 

Of course Vision 2030 is looking at

sustainable economic growth and diversification

away from hydrocarbons.

It doesn’t mean we are going to leave hydrocarbons.

In fact we are going to strengthen hydrocarbons

but at the same time,

diversify the economy

to be less dependent on the oil and gas sector.

There’s a lot of drive

for the private sector to grow,

so we’re looking at a private sector

that will be growing from 40 to 65%

A lot of work to bring more

of the small and medium size enterprises

to the Saudi market.

So Vision 2030 is looking at the Kingdom

creating the right environment for business to grow,

There are huge opportunities!

If you look at the Kingdom today

in terms of how much work is being done

in different sectors.

A lot of strategies all geared around diversification

and ease of doing business and introduction of the private sector

It all adds up to the strong momentum in the economic growth

that we are seeing right now

 

I think that climate change is very important

for all industries to work towards reducing their emissions

and their carbon footprint

We are working on the one side

with the Oil and Gas Climate Initiative,

Total is a founding member with Saudi Aramco

At the same time we are doing a lot of work on our end,

to reduce carbon emissions.

It’s looking at making engines more efficient

and reducing our carbon emissions out of these engines

We are looking at carbon capture and sequestration,

turning CO₂ into useful products,

So there is a lot of work to reduce the carbon emissions

Carbon emissions can be reduced

as a result from efficiency introduced by the industry,

in a much higher proportion than renewables and electric vehicles can.

So that will continue.

The aim is to continuously improve on carbon emissions.