Energy transition cannot happen without materials transition: Aramco CEO

Saudi Aramco's President and CEO Amin Nasser

Saudi Aramco President and CEO, Amin Nasser, said that the global energy transition will not happen without a corresponding materials transition.

There is a big opportunity for the chemicals industry in the Kingdom, the GCC and the entire world to play a big role in the production of advanced materials, Nasser added during the Gulf Petrochemicals and Chemicals Association (GPCA) Forum held in Riyadh.

First, the chemical industry needs to strengthen and accelerate its innovation efforts to develop more durable and more sustainable materials, at scale, while reducing their cost. These materials should be price competitive and should also outperform and complement conventional materials, such as iron and concrete. They must be developed in a way that takes into account the global economic and population growth within the next 30 years, which will lead to a significant rise in demand for conventional materials.

Second, an advanced materials center should be established in the Kingdom to push the boundaries of innovation through global collaboration.

Third, the global energy crisis is forcing many chemical companies to cut operations or shut down, particularly in Europe.

“With an abundance of fuels and feedstocks, and extensive range of support infrastructure, it has never been more attractive for overseas chemical companies to invest here,” Nasser concluded.