Saturday, 2 March 2024

Al-Nasser: Aramco shareholders will decide selling more of shares or not


Saudi Aramco CEO Amin Nasser said on Monday that shareholders will decide whether the oil giant will sell more shares in 2024.

In another context, he added that Aramco has sufficient surplus capacity of about three million barrels per day, and is always ready to raise it if necessary.

He said that Aramco can grow in any field, while it is possible to produce other technical and profitable companies, noting the completion and adoption of a new strategy that will be announced in the future with investors in the stock market.

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He added during a dialogue session at the International Petroleum Technology Conference: By 2025, oil consumption will completely change globally and will depend on supply and demand, in accordance with the 2023 agreement, indicating that Aramco is looking to increase the capacity and daily production, while fulfilling our promises to save energy.

He said that Aramco is looking for continuity in production and growth in gas, oil and all energy sources, adding that the global demand for oil is constantly increasing, and global demand may reach 104 million barrels per day by the end of 2024 AD, and to 105 million during 2025 AD, stressing that it is not agreed upon. With opinions indicating that the demand for oil has reached its peak, confirming that exploration for oil globally is still at its peak.

It is noteworthy that the International Petroleum Technology Conference (IPTC) was launched today, Monday, at the Dhahran Center, in the presence of Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and Prince Saud bin Bandar bin Abdulaziz, Deputy Governor of the Eastern Province, under the leadership of the government of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and with the support of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, has an interest in the energy sector, clean energy, and the technologies used globally in this field.