Saudi Aramco reviews assets ahead of potential stake sale: Nasser

Amin Nasser President and CEO of Saudi Aramco

Saudi Aramco is reviewing some assets ahead of a potential offer going forward, President and Chief Executive Officer (CEO) Amin Nasser said.

The move comes in addition to the oil and gas pipeline deals, which were announced earlier, as part of its asset optimization program, Nasser told Argaam on the sidelines of the International Petroleum Technology Conference (IPTC) 2022, adding that more details will be duly announced.

Demand for oil is currently high, especially in Asia, and is on the rise, Nasser noted, expecting oil demand to return to and surpass the pre-pandemic levels in the first half of 2022.

Elsewhere, Nasser said that Saudi Aramco’s investments in gas to reduce burning liquid fuel in water and power plants, as well as other industries, in the Kingdom, will reach nearly 1 million barrels by 2030. The world’s largest oil exporter invests almost $700-800 million in technology annually.

The company invested in ramping up production capacity, during the worst conditions of the pandemic, although explorations have been suspended worldwide since a long time. Despite large reserves, Saudi Aramco continued its investments in oil and gas since 2020.

Saudi Aramco’s investments started to pay out amid burgeoning demand for oil. “We believe in long-term investments, regardless of market conditions. We will continue expansions locally and overseas,” Nasser said.

Nasser also expected demand for blue hydrogen to rise in the long term, adding that Aramco invests in blue hydrogen. The company is also in talks with partners and markets that use blue hydrogen.

The most important is to find markets in demand for hydrogen in the long term.

On the other hand, Nasser affirmed that an additional stake sale in Aramco, the stake size and target markets will be decided by the state.