Arab Today, arab today saudi aramco market share up in 2015 2016
Last Updated : GMT 00:47:20
Arab Today, arab today
Arab Today, arab today

president and CEO of Saudi Aramco Amin H. Nasser

Saudi Aramco market share up in 2015, 2016

Arab Today, arab today

Arab Today, arab today Saudi Aramco market share up in 2015, 2016

Amin H. Nasser, president and CEO of Saudi Aramco
Alkhobar - Arab Today

Saudi Aramco is gaining market share and pushing for greater efficiency, CEO Amin Nasser said in an interview, as it acts as a “bridge” to a future when the nation relies less on energy exports.
Nasser also said that the group was pressing on with preparations for its partial privatization via a stock market listing, which he said lay at the heart of Riyadh’s “Vision 2030,”.
“We are preserving our market share which continues to increase year-on-year,” he said. 
“This year, as last year, it is increasing. Our market share is picking up,” he added, without giving figures.
An OPEC meeting on June 2 will be the first for new Saudi Energy Minister Khalid Al-Falih — Saudi Aramco’s chairman — at a time when Iranian exports have risen close to pre-sanctions level.
Riyadh’s current tactics seem to be working. Oil has recovered to $50 a barrel from a 12-year low of $27 in January despite the Iranian increase.
Nasser said he expects prices to “trend upward by the end of the year” as global demand picks up and production from high-cost producers, such as shale oil and deep water offshore fields, falls.

THE HEART OF VISION 2030

He saw energy continuing to play a major role while Vision 2030 aims to address falling oil revenue and sharp fiscal deficits by boosting the private sector, ending government waste and diversifying the economy. Central to this is the planned initial public offering (IPO) of Aramco shares.
“Listing Saudi Aramco is in the heart of Vision 2030. We are seriously working on the IPO,” Nasser said. 
“Of course, the oil and gas sector will be the bridge to the long-term and we need to maximize our revenue by introducing more efficiency in the sector.”
“Vision 2030 isn’t saying no to oil by 2020. What we need is to diversify our economy and we should have a more sustainable economy because we shouldn’t be totally dependent on one commodity,” he added.
Aramco is working on the options for floating less than 5 percent of its value, which include a single domestic stock exchange listing and a dual listing with a foreign market, Nasser said.
The company is finalizing its proposals and will present them to its Supreme Council soon, which could see part of Saudi Aramco publicly listed by 2017-18. However, Nasser said the timeframe was not set yet.
As part of Saudi Aramco’s market share push, the company plans to raise its total refining capacity — both inside the Kingdom and abroad — to 8 million-10 million barrels per day from around 5.4 million bpd now.
This week it signed an agreement to supply up to 270,000 bpd of crude oil to a refinery it will jointly upgrade with Indonesia’s Pertamina.
Forecasting growing crude oil demand, Saudi Aramco has said it was seeking to invest further downstream as part of broader expansion plans in several markets such as China, India, Vietnam and the US.

MAINTAINING OIL CAPACITY

Nasser said that for the time being Aramco’s maximum sustainable capacity would stay at 12 million bpd despite its plans to build new refineries and expand its petrochemicals business.
“If you use oil in refining, in chemicals or to produce chemicals or products, it will be part of the maximum sustainable capacity of Saudi Aramco, so 12 million bpd for the time being is the capacity,” he said.
The company pumped on average about 10.2 million bpd in 2015 “which means we still have ample spare capacity,” he said.
That was an all-time record, Aramco said in its 2015 annual review.
While the global rig count has dropped substantially, the number of Saudi Aramco’s rigs is increasing slightly due to significant growth especially in the downstream and petrochemicals sector and in gas for domestic consumption.
Under the government’s diversification plans, the Kingdom plans to generate 9.5 gigawatts of electricity from renewable energy.
Nasser said Aramco is looking to play a major role in achieving that target. 
“Renewable is in our radar...and we are looking forward to play a major role in renewable in the near future,” he said.
The company had set up a renewable energy department and is studying plans to invest in wind and solar power.

Source: Arab News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi aramco market share up in 2015 2016 Arab Today, arab today saudi aramco market share up in 2015 2016

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes

GMT 05:53 2017 Thursday ,16 March

Dutch investments in Turkey not at risk

GMT 16:09 2017 Wednesday ,15 March

Arif urges al-Sisi to sit down with investors

GMT 05:14 2017 Saturday ,11 March

American Airlines to invest $100m in Brazil

GMT 05:39 2017 Monday ,06 March

Tsipras warns Greek uncertainty ‘not smart’

GMT 10:28 2017 Saturday ,04 March

WTO needs 'fine tuning'
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:38 2017 Friday ,24 March

Pass health bill Friday or he'll move on

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday