Saudi Aramco to continue investing in core oil, gas projects: CEO

Saudi Aramco’s long-term strategy of continued investments in core oil and gas projects, downstream, and chemicals is vital to help meet the world’s growing energy demand, CEO Amin Nasser said Friday.

“While the short-term market points to a surplus of oil, the supplies required in the coming years are falling behind substantially and the investments we now see coming back are not going to be enough to get us there” Nasser said at the Columbia University Energy Summit in New York.

“We are continuing to invest and strengthen our core oil and gas business across the value chain.”

Saudi Aramco’s strategy includes doubling gas production over the next ten years to 23 billion standard cubic feet a day, which will position the Kingdom as having the highest share of gas in utilities in the G-20 group of industrialized nations. This in turn, will enhance the company’s downstream business portfolio and increase global refining and marketing capacity to approximately 8-10 million bpd, he added.

Aramco is gearing up for a share listing next year, aiming to get a valuation of up to $2 trillion in what could be the world's biggest initial public offering (IPO).

Write to Rasha Abo AlSoud at rasha@argaam.com