Amin bin Hassan Al-Nasser, President and Chief Executive Officer of Saudi Aramco, stated that the company is embarking on its largest capital expenditure program in its history. The company’s president clarified in a statement released today that the objective is to amplify our crude oil and gas production capabilities, expand our operations in refining, petrochemicals, and marketing sectors, through petrochemical projects such as the SAR 41.3 billion ($11.0 billion) SATORP refinery expansion in collaboration with TotalEnergies. This expansion is vital to meet future demand.
Furthermore, he emphasized optimism regarding the potential of new technologies to reduce emissions from operational activities, pointing to the recent shipments of blue ammonia to Asia as evidence of the growing market interest in low-carbon alternative energy solutions.
Future Outlook
He continued, “Our medium to long-term outlook remains unchanged. With a broad-based anticipated global economic recovery, coupled with growing activity in the aviation sector, sustained investment in energy projects is essential to safeguard energy security.”
For the first half of the current year, the net income was SAR 232.35 billion ($61.96 billion), as compared to SAR 329.67 billion ($87.91 billion) for the same period in 2022. This decline primarily resulted from the drop in crude oil prices and weak profit margins in the refining and petrochemicals sectors.
