saudi aramco market share up in 2015 2016
Last Updated : GMT 13:26:10
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

arabstoday
arabstoday

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*

saudi aramco market share up in 2015 2016 saudi aramco market share up in 2015 2016

 



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*

saudi aramco market share up in 2015 2016 saudi aramco market share up in 2015 2016

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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