Latest news with #AminNasser
Argaam
10-07-2025
- Business
- Argaam
Aramco CEO forecasts stronger oil demand through year-end
Saudi Aramco President and CEO Amin Nasser said that the global oil demand is expected to increase by nearly 1.2 to 1.3 million barrels per day for the rest of the current year. According to Reuters, this growth comes despite challenges posed by tariffs and trade tensions, Nasser added during a panel discussion at the OPEC International Forum. He pointed to rising fuel demand in the US and the petrochemical sector in China as key drivers of this growth.
Yahoo
03-07-2025
- Business
- Yahoo
BlackRock in talks to sell Saudi gas pipeline stake back to Aramco
-- BlackRock (NYSE:BLK) is exploring a potential sale of its stake in Saudi Aramco's natural-gas pipeline leasing entity, Bloomberg reported on Thursday, citing people familiar with the matter. The U.S. asset manager is in discussions with Aramco (TADAWUL:2222) about a possible buyback, though the talks are still preliminary and may not result in a deal, the report said. If no agreement is reached, BlackRock is expected to consider alternative options for the asset, per Bloomberg. The stake dates back to 2021, when a consortium led by BlackRock invested $15.5 billion to acquire 49% of a company holding leasing rights over Aramco's gas pipelines. At the time, the deal was one of the largest infrastructure transactions in the region and was described by Aramco as a sign of its ability to attract major global investors. The pipeline asset is believed to be worth billions of dollars. A potential repurchase would mark a reversal of the earlier strategy, suggesting Aramco sees renewed strategic value in boosting its ownership of critical energy infrastructure. It would also mirror recent moves in neighboring Abu Dhabi, where sovereign wealth-backed firm Lunate bought out BlackRock and KKR's 40% stake in ADNOC's oil pipeline business. Earlier this year, Lunate also agreed to acquire Snam SpA's minority interest in ADNOC's gas pipeline unit. For Aramco, any new transaction comes at a delicate moment. The company's debt levels have climbed to their highest point in nearly three years. CEO Amin Nasser said in May that the firm plans to increase borrowing to finance growth and better utilize its balance sheet. At the same time, Aramco is contending with weaker oil prices, partly due to major OPEC+ producers accelerating the rollback of supply cuts. BlackRock, meanwhile, has continued to deepen its ties across the Middle East. It was the first global investment manager to establish an office in Riyadh and has active investments across Gulf markets, including in Kuwait, Qatar, and the United Arab Emirates. Related articles BlackRock in talks to sell Saudi gas pipeline stake back to Aramco - BBG Morgan Stanley sees improved outlook for TSMC's U.S. investment under new policy MS initiates coverage on AI Biotechs, flags key pipeline catalysts Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arab News
23-06-2025
- Business
- Arab News
Digital transformation to boost Saudi industrial productivity by up to 25%, says Aramco CEO
RIYADH: Integrating digital technologies is set to increase Saudi Arabia's industrial productivity by 15 to 25 percent, according to Aramco President and CEO Amin Nasser. Speaking during the Saudi Industry Forum in Dhahran, Nasser stated that the Kingdom's shift into a new industrial era calls for an increased focus on digital transformation and the need to align it with proactive cybersecurity strategies. This comes as Saudi Arabia works to solidify its position as a regional and global digital powerhouse, backed by major advances in artificial intelligence, data centers, e-government, and human capital development. The Kingdom has emerged as the Middle East and North Africa's largest digital economy, with a market value exceeding SR495 billion ($131.9 billion) in 2024 — equivalent to 15 percent of its gross domestic product, according to figures from the Ministry of Communications and Information Technology. In his remarks, Nasser said: 'Preliminary estimates suggest that effective integration of digital technologies could increase Saudi Arabia's industrial productivity by 15 percent to 25 percent.' He added: 'Thanks to successive technological developments, industries will emerge over the next 10 years dominated by advanced technologies to a degree we have never seen before.' Nasser noted that the world is undergoing profound geopolitical shifts and intensifying competition across technological, industrial, and economic domains — trends that are accelerating the transformation of Saudi Arabia's industrial landscape. He emphasized the need to prepare for this future, particularly as the Kingdom continues to invest in artificial intelligence, the Internet of Things, robotics, and automation. These technologies, he explained, are aimed at more than just optimizing factory operations; they are vital for enhancing industrial productivity and ensuring operational reliability. 'At Aramco, we are working to establish a digital infrastructure that becomes an integral part of empowering the industrial sector,' Nasser said, adding: 'This includes the launch of Aramco Digital Company, as well as a 450 MHz private wireless network dedicated to industrial use by the private sector.' He continued: 'Aramco Digital has also introduced an edge artificial intelligence service — AI on the Edge — designed for critical industrial facilities and complex applications, such as crowd management during Hajj.' In the cybersecurity sphere, Aramco established Cyberani in 2021, a company focused on delivering industrial-grade solutions and software protection technologies. 'Aramco is working on projects to develop artificial intelligence platforms, data centers, and smart industrial complexes,' Nasser said. He warned of the risks accompanying digital advancement, stating: 'A technical malfunction or external interference through digital systems or control platforms could impact operations and disrupt the performance of industrial and economic facilities — especially those that do not invest sufficiently in digital protection.' Highlighting the human element in digital security, he stated: 'The most critical aspect of proactive protection systems is the development of human capabilities and deep expertise.' Nasser concluded by stressing the importance of localizing digital supply chains and enhancing technological resilience. 'Building future Saudi industries supported by flexible supply chains, competitive costs, and excellence in artificial intelligence is essential and highly important — but it is not enough unless it is accompanied by proactive investment in digital protection,' he said. The Saudi Industry Forum 2025, held from June 23–25 at the Dhahran International Exhibition Center, is sponsored by Eastern Province Governor Prince Saud bin Naif bin Abdulaziz. The event aims to elevate the Kingdom's industrial sector in alignment with Saudi Vision 2030, which seeks to diversify income sources and increase the sector's contribution to the gross domestic product.
Economy ME
17-06-2025
- Business
- Economy ME
UAE, Saudi Arabia venture into the U.S. LNG space
Of the more than $3 trillion in investments pledged by GCC leaders during U.S. president Donald Trump's regional tour, U.S. LNG emerged as a top strategic target. This was underscored by Saudi Aramco president and CEO Amin Nasser during the Saudi-U.S. Investment Forum in Riyadh where he said: 'We are looking at expanding in LNG, and the U.S. is really a good place to put our investment.' Some of the investments were already committed before Trump's visit but Saudi Aramco is looking for further opportunities to grow its LNG portfolio. QatarEnergy was an early mover into the U.S. LNG space, converting its Golden Pass LNG import terminal to an export facility in 2014. With commissioning expected by the end of 2025, and the first cargo to be shipped in the first quarter of 2026, the 18 million mt/year terminal will become the largest single-phase LNG export facility in the U.S. QatarEnergy Trading will market its 70 percent stake, making it the third-largest buyer of U.S. LNG. Yet despite its early lead, QatarEnergy has opted not to expand further in the U.S., the world's leading LNG exporter. Qatar is instead prioritizing its domestic expansion plans that will nearly double LNG capacity to 142 million mt/year by 2030. Combined with its stake in Golden Pass, QatarEnergy's total gross LNG output will amount to nearly 160 million mt/year, putting it firmly in second place after the U.S. and ahead of Australia. QatarEnergy was an early mover into the U.S. LNG space Read: UAE and Kuwait enhance partnerships in AI, energy, transportation through strategic MoUs Growing LNG footprint in the U.S. While QatarEnergy is focusing on domestic expansion, Abu Dhabi's ADNOC and its subsidiaries are aggressively growing their U.S. LNG footprint. ADNOC's international arm, XRG, acquired an 11.7 percent stake in the $14.8 billion Rio Grande LNG project in Texas and signed a 1.9 million mt/year offtake deal for a future train. It also holds options for further equity expansion. Meanwhile, Mubadala Energy recently took a 24.1 percent stake in SoTex, which plans to build the 9.3million t/year Commonwealth LNG terminal in Louisiana. The UAE was the first Gulf Arab state to export LNG , with the first cargo shipped from Das Island in 1977. However, with capacity of up to 6 million mt/year, ADNOC is a minnow when compared with QatarEnergy. Even when the 9.6 million mt/year Ruwais LNG project comes online in 2028, total capacity will remain less than 16 million mt/year. Aramco, the newest Gulf entrant in LNG, began building its portfolio through a 49 percent stake in MidOcean Energy, which holds assets in Australia and Peru. MidOcean is pursuing a 30 percent stake in the planned 16.45 million mt/year Lake Charles LNG project. Aramco itself has signed a sale and purchase agreement for 1.2 million mt/year from Rio Grande Train 4 and is eyeing equity in two more U.S. projects: A 25 percent stake and 5 million mt/year offtake from Sempra's Port Arthur Phase 2, and a potential role in Woodside's 16.5 million mt/year Louisiana LNG project, which reached FID in April. Nasser said Saudi Aramco aims to secure 7.5 million mt/year of U.S. LNG offtake by 2030. Qatar is prioritizing its domestic expansion plans that will nearly double LNG capacity to 142 million mt/year by 2030 Clean energy transition The focus on gas and LNG, both domestic and international, is borne out by data showing robust demand for the cleaner of the fossil fuels in coming decades. Shell, in its LNG Outlook 2025 released in February, raised its forecast for 2040 global LNG demand to 630-718 million tons, at its midpoint, an increase of over 60 percent from the 2024 forecast of 407 million tons. With demand growth likely to lag supply capacity additions from 2026 through to at least the end of the decade, most analysts expect a period of sustained low prices. However, lower prices should spur a new wave of import projects, locking in demand for decades. Of this new demand, some 16 million mt/year will be from LNG-powered shipping, a 60 percent hike versus last year's forecast of 2030 demand, and four times 2024 demand of just over 4 million mt. In terms of the top global supplier, 'The USA is set to extend its lead as the world's largest LNG exporter, potentially reaching 180mn t/y by 2030 and accounting for a third of global supply,' the report said. Trump has been pressing the European Union to buy more U.S. LNG and there has been an increase in U.S. LNG imports into Europe, replacing Russian gas. U.S. LNG exporters can expect to grow their share of the European market in the second half of the decade after a new EU directive comes into effect. The EU plans to end all imports of Russian gas by the end of 2027, including both pipeline gas and LNG, as part of its REPowerEU initiative. Abu Dhabi's ADNOC and its subsidiaries are aggressively growing their U.S. LNG footprint Eyes on Asia as the bigger prize For the Middle Eastern exporters, the focus is on Asia, the biggest growth market for both oil and gas. QatarEnergy deputy chairman, president, and CEO Saad Sherida Al Kaabi has said that he does not see the growth in U.S. LNG capacity as a challenge. 'I think U.S. volumes are going to go to certain markets that are mostly in Europe and South America, and our volumes will predominately be serving Asia,' he said at the Qatar Economic Forum on May 20. Qatari exports to Europe have fallen in recent years as U.S. exports to the continent have swelled. Qatar, meanwhile, has deepened its relationship with China, with Beijing emerging as the largest buyer of Qatari LNG and a major partner through long-term supply deals. The UAE's ADNOC, which recently opened offices in Beijing, has also started marketing LNG from Ruwais. It signed a contract with Chinese private-sector energy distribution firm ENN Natural Gas for 1 million mt/year for 15 years from 2028, finalizing a preliminary agreement reached in 2023. Another sales deal was with state firm Zhenhua Oil for a reported 800,000 mt/year from 2026. While Zhenhua is a new entrant into the LNG sector, it is an established partner of ADNOC, having acquired a 4 percent stake in the 2 million b/dADNOC Onshore concession in 2018. While Qatar remains the region's LNG heavyweight, the UAE and Saudi Arabia are positioning themselves to become global players by tapping into the growing U.S. LNG sector. For more op-eds, click here
Saudi Gazette
16-06-2025
- Business
- Saudi Gazette
Aramco Chief: Global energy security is threatened amid escalating tensions
Saudi Gazette report RIYADH — Saudi Aramco President and CEO Amin Nasser emphasized on Monday that the importance of oil and gas cannot be underestimated, especially during times of conflict. "We are witnessing this now, as threats to energy security continue to cause global concern. This fact is clearly evident in the current global situation," he said while underlining the need to adopt a more realistic and pragmatic approach to the global energy transition. Nasser made the remarks in his speech delivered on Monday via video conference at the Energy Asia 2025 Conference. Kuala Lumpur is hosting the three-day conference with the theme of "Delivering Asia's energy transition." The conference focuses on driving a fair and sustainable energy transition in Asia, addressing issues of energy security and climate action. The Aramco chief emphasized that historical facts have demonstrated the importance of crude oil and gas in times of conflict. "History tells us that new energy sources do not replace traditional sources, but rather add to the energy mix," he said. Nasser stated that the transition plan had been overestimated and under-implemented in large parts of the world, particularly in Asia. "Some believed the transition would be quick and straightforward, ending with the deplete of traditional energy sources. However, oil demand continues to exceed 100 million barrels per day, with no sign of a decline," he said. The Aramco chief emphasized that the challenges posed by reality have revealed profound technical, economic, political, and social flaws in the popular narrative surrounding the energy transition. "On the one hand, this transition is extremely costly as the cost of achieving net-zero emissions could reach $200 trillion. On the other hand, reality proves that renewable energy sources, despite their importance and growth, have not reached a sufficient level of reliability to bear the existing burdens and risks," he a result, Nasser emphasized, achieving energy security and affordable access are essential requirements, along with sustainability, as central goals of the transformation process. "Realism and pragmatism are beginning to replace idealism. This is a good thing, especially for Asia," he noted that Asia, the world's largest energy-consuming region, accounts for nearly half of global demand. "Without attention to Asia's needs and resources, the transition will not have a real impact, as we recognize the Asian continent's need for diverse energy sources that no single source can meet," he Aramco chief pointed out that wind, solar, and electric vehicles do not meet current or future demand needs. He emphasized that crude oil and gas will remain a key part of the energy mix. "The long-term goal is not to abandon traditional energy, but rather to improve it, while expanding at a realistic pace into new solutions. Each country must have a flexible, tailored energy strategy to implement it," he stressed that countries must cooperate more than ever in this respect. "Governments, the energy sector, and innovators need to extend cooperation each according to their role in the field of new and traditional energy sources," he added.
