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 leveraging the economic power of long-term innovation, the oil giant's CEO has said.
Saudi Aramco President and CEO Amin Nasser was speaking at a session of the Future Investment Initiative (FII) 2017, a major gathering of global business and policy influencers organised by the Saudi Public Investment Fund (PIF) and held in Riyadh, Saudi Arabia from October 24-26.
Held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud and the leadership of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, Chairman of the Council of Economic and Development Affairs and Chairman of the Public Investment Fund, the initiative provides a platform for expert-led debate on current and future global investment trends, with the aim of achieving impactful, sustainable returns in line with Saudi Vision 2030, the ambitious National Transformation Programme.
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 such as 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.
“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,” said Nasser.
Nasser also said 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.