Ministry of Hajj and Umrah Allows All Types of Visas to Perform "Umrah" for Those Coming to Saudi Arabia    Weather Forecast for Saturday    13 Dead, 6 Missing in Heavy Rains in South Korea    WHO plans to rename monkeypox over stigmatization concerns    US Stock Market Closes Higher    In implementation of HRH Crown Prince's Directive, Assistant Minister of Defense for Executive Affairs visits Southern Region    Global Markets    Saudi Arabia delivers medical equipment to Ukrainian refugees in Poland    Children with disabilities disproportionately impacted by war in Ukraine    Benzema, Courtois, De Bruyne on shortlist for UEFA award    Barcelona sells more assets as it hopes to register players    ZATCA thwarts smuggling attempt of narcotic pills hidden in a garment and toys shipment    UN chief appeals for end to military activities at Ukraine nuclear plant    Saudi Arabia issues 90 industrial licenses in June    Donald Trump does not oppose US bid to unseal Mar-a-Lago search warrant    We're not in a hurry to win medals, says CEO of Saudi training center Konya 2022    US actress Anne Heche not expected to survive, says family    Saudi Press: Saudi Arabia Focuses on Crystallizing Visions About Prospects and Challenges of Future Economy    Sate Security warns against donating to unknown foreign entities Terror financing    Saudi Arabia allows holders of tourist, commercial visas to perform Umrah People from 49 countries are eligible for visas on arrival    SAMA announces launch of POS service between Saudi Arabia and Qatar    Ka'aba door bears witness to Saudi rulers' care for the House of God Kaaba' door, repentance' door contain more than 280 KG of pure gold    Ma'aden Delivers Record Q2 2022 Performance    Autohub celebrates 4 years of becoming a leading multi-brand auto care provider    UN trade body calls for halting cryptocurrency rise in developing countries    Buraidah Dates Market Records High sales Figures    Bahrain Two Main Indexes End Trading with Different Directions    Saudi Electricity Company Secures SAR 13.4 Billion Financing Facilities to Finance Long-term Growth, Saudi Arabia-Egypt Electricity Interconnection Project    Saudi Arabia to host Arab Radio & TV Festival in November    Saudi National Beach Soccer Team Arrives in Morocco to Participate in Casablanca Beach Soccer Cup 2022    How Aamir Khan adapted Forrest Gump to Bollywood Laal Singh Chaddha    WHO calls for optimizing brain health to benefit people and society    More breathing devices needed for premature babies born in Ukraine    'Rise of the Witches': Biggest series to be ever made in Saudi Arabia    Victory becomes the sweetest for Al-Marzouki with a warm touch of motherly affection    Saudi team for Special Olympics Unified Football wins gold medal of World Cup    Egyptian U20 Football National Team Beats Algerian Counterpart to Qualify for 2022 U-20 Arab Cup Final Match    Saudi Arabia to Participate in the 5th Islamic Solidarity Games in Turkiye    Association of Culture and Arts in Dammam Announces Winners of "International Video Art Forum"    Slaughterhouses of MEWA received more than 600,000 sacrifices in 3 days of Eid    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    MoH Activates Sign Language to Communicate with Pilgrims with Deafness or Muteness During Hajj    Sheikh Al-Issa at Arafat sermon: Values of Islam foster harmony; eschew hatred and division    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Red Sea Fund Opens Its Third Cycle for Production Funding    SFDA Warns Against Herbal Product "Montalin Jamu" Due to Containing Active Medicinal Ingredients    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Saudi Aramco CEO: "Strategic investments in oil and gas industry key to meet future global energy demand"
Published in Saudi Press Agency on 15 - 04 - 2017

Saudi Aramco's President and CEO, Amin Nasser, said the company's long-term strategy of continued investment in core oil and gas projects, downstream and chemicals is necessary to help meet future energy demand and enable the successful transition of the global economy as the market rebalances itself.
Speaking at the 2017 Columbia University's School of International and Public Affairs (SIPA) Global Energy Summit, Nasser highlighted the importance of continued investment in the oil and gas industry, while cautioning against taking a short-term view of the energy market.
"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 commented.
Nasser said it would be imprudent to assume that major oil producers will simply make the massive investments needed to bridge all these gaps—particularly since most long-term projects continue to be on hold, even after the recent price recovery.
He said that the impending shortfall has a time lag, and its effect will be felt over a period of time whose duration is difficult to estimate.
"So in my view, the future market situation will be increasingly on firmer grounds, though volatility could continue until the rebalancing takes firmer hold and inventory withdrawals assume a more consistent trend," he added.
Consistent with the company's long-term view of energy investment and in line with Saudi Vision 2030 Nasser said, "We are continuing to invest and strengthen our core oil and gas business across the value chain."
Nasser said this strategy includes doubling gas production over the next ten years to 23 billion standard cubic feet a day, which would position the Kingdom as having the highest share of gas in utilities in the G-20 group of industrialized nations; enhancing the company's downstream business portfolio, which would increase global refining and marketing capacity to approximately 8-10 million bpd.
He also discussed the company's accelerated journey in expanding its downstream with a wide range of joint ventures, acquisitions and asset re-rationalization involving a combination of major players and technology specialists such as Petronas, Motiva, Lanxess and Converge (a technology of Novomer).
"Downstream, we are continuing to build a world-class business portfolio to better balance our upstream oil business. Accordingly, Saudi Aramco's global refining and marketing capacity will be increased to between 8 and 10 million barrels per day.
The Saudi Aramco CEO was part of a distinguished group of senior energy and climate sector leaders at Columbia's SIPA Global Energy Summit, which focused on key issues and questions at the intersection of energy policy, financial markets, the environment and geopolitics.

Clic here to read the story from its source.