Interview of Amin H. Nasser, CEO of Saudi Aramco

We have a 400.00 barrels per day capacity refinery, 
one of the top refineries in the world, near Jubail, Saudi Arabia
We started it in 2014 
to create more integration and more value for us and Total, 
Saudi Aramco and Total
We have found out that it is in our best interest 
to build a petrochemical complex next to the refinery.
When you build a refinery 
you always look at integration,
and how much value you can add,
 and definitely looking at the petrochemical complex 
will add value for both sides.
 
 
We have excellent relations.
Total is a strategic partner to Saudi Aramco.
We’re looking at opportunities globally 
to participate with Total, 
we have interests in the downstream sector.
And because we are also looking at 
opportunities in international gas, 
we are evaluating any areas of collaboration 
outside Saudi Arabia 
in terms of international gas as well.
 
 
I think the oil market is very healthy.
This year, and even last year, things are improving.
We are seeing healthy demand, 
if you look at the IEA, and EIA in terms of additional demand, 
you’re looking at 1.5, 1.6 million barrels of additional demand
so demand is healthy
The OPEC and non-OPEC 
agreement compliance is excellent,
so that has helped the market, definitely.
 
What they are going to do next
but what we hear in the news is that 
there is very strong collaboration 
and they are looking to collaborating beyond 2018, 
between OPEC and non-OPEC members
 
 
Of course Vision 2030 is looking at 
sustainable economic growth and diversification 
away from hydrocarbons. 
It doesn’t mean we are going to leave hydrocarbons.
In fact we are going to strengthen hydrocarbons 
but at the same time, 
diversify the economy 
to be less dependent on the oil and gas sector.
There’s a lot of drive 
for the private sector to grow, 
so we’re looking at a private sector 
that will be growing from 40 to 65%
A lot of work to bring more 
of the small and medium size enterprises 
to the Saudi market.
So Vision 2030 is looking at the Kingdom 
creating the right environment for business to grow,
There are huge opportunities!
If you look at the Kingdom today 
in terms of how much work is being done 
in different sectors. 
A lot of strategies all geared around diversification 
and ease of doing business and introduction of the private sector
It all adds up to the strong momentum in the economic growth 
that we are seeing right now
 
I think that climate change is very important 
for all industries to work towards reducing their emissions 
and their carbon footprint 
We are working on the one side 
with the Oil and Gas Climate Initiative, 
Total is a founding member with Saudi Aramco 
At the same time we are doing a lot of work on our end, 
to reduce carbon emissions.
It’s looking at making engines more efficient
and reducing our carbon emissions out of these engines
We are looking at carbon capture and sequestration, 
turning CO2 into useful products, 
So there is a lot of work to reduce the carbon emissions
Carbon emissions can be reduced 
as a result from efficiency introduced by the industry, 
in a much higher proportion than renewables and electric vehicles can.
So that will continue.
The aim is to continuously improve on carbon emissions.
 
 

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