The significance of oil and gas cannot be overlooked, particularly during times of conflict, as highlighted by the head of Saudi oil giant Aramco at an energy conference on Monday. Aramco CEO Amin Nasser addressed the Energy Asia Conference in Kuala Lumpur via video link.
Last week, oil prices surged following escalating tensions in the Middle East.
“History has shown us that when conflicts occur, the importance of oil and gas can’t be understated,” Nasser remarked. “We are witnessing this in real time, with threats to energy security continuing to cause global concern,” he added. Nasser also pointed out that history indicates new energy sources do not replace the old but rather complement them. He mentioned that the transition to net-zero emissions could incur costs of up to $200 trillion, as renewable sources currently fail to meet existing demand.
“As a result, energy security and affordability have at last joined sustainability as the transition’s central goals,” he stated.
Aramco serves as the economic backbone of Saudi Arabia, accounting for a significant portion of the kingdom’s revenue through oil exports and supporting its ambitious Vision 2030 diversification initiative.
Read more: Saudi Aramco completes $5 billion bond issuance
Aramco inks 34 deals worth $90 billion with U.S. companies
Last month, Economy Middle East reported that Aramco signed 34 Memoranda of Understanding (MoUs) and agreements, with an estimated total value of around $90 billion, in collaboration with major U.S. companies through its Aramco Group Companies. These agreements were formalized during U.S. President Donald Trump’s visit to Saudi Arabia as part of his Gulf tour.
The agreements encompass collaborations and partnerships related to a variety of Aramco’s operations, including Liquefied Natural Gas (LNG), fuels, chemicals, emission-reduction technologies, and Artificial Intelligence (AI). Additionally, they cover digital solutions, manufacturing, asset management, short-term cash investments, and the procurement of materials, equipment, and services.
Key companies partnering with Aramco include Honeywell UOP, Motiva, Afton Chemical, ExxonMobil, Sempra Infrastructure, Woodside Energy, and NextDecade. In the realm of technology and innovation, the oil giant also secured agreements with Amazon/AWS, NVIDIA, and Qualcomm.
Aramco’s agreements with prominent U.S. companies aim to strengthen the longstanding relationship between these global giants, enhance shareholder value, and promote further collaboration and innovation within the energy sector and beyond.
