RIYADH: The Saudi Arabian Oil Co., also known as Aramco, is ready to increase oil production to 12 million barrels per day when the government asks for it, according to its CEO Amin Nasser.
In a press conference after reporting a 90-percent rise in second-quarter profit on Sunday, Nasser said that oil demand growth is healthy with more demand coming from Asia.
The CEO said that Aramco is deeply concerned with the lack of investment in oil output capacity globally, along with declining rates in oil fields.
He noted that Aramco has been responding to this crisis by raising the maximum production capacity, while urging others to join hands with Aramco in this effort.
When asked by Arab News about reports which stated that Aramco Trading is importing a record amount of Russian fuel oil to be used domestically, Nasser said: “Before the crisis, we were importing a limited amount of fuel oil from the market to supply our utility sector. We did not change in terms of the limited quantities that we were being supplied from different markets. Our strategies are the same, in terms of continuing, as before the crisis, in terms of meeting our requirements from different markets.”
The CEO predicted that there could be an additional 2 million bpd crude oil demand next year, but there is no sufficient capacity to meet that.
He also noted that the market could further tighten if the demand for aviation fuel rises beyond limits.
Nasser added that the possibility of a potential joint venture with PKN Orlen, along with the existing tri-party agreement between Aramco, SABIC, and PKN Orlen could be the next big thing for the firm in Europe.
He, however, noted that the growth of the company in Europe is not as good as in Asia, but still, the firm is looking for more opportunities there.
The CEO further stated Saudi Aramco is looking for more investments in China, along with enhancing cooperation with Chinese entities within the Kingdom.
He said that Aramco is in talks with China’s Sinopec and others on petrochemicals and liquid to chemicals projects.
“Chemicals are very important for our strategy,” he emphasized.
Nasser stated that Aramco has 99.8 percent reliability in delivering crude to its customers, and made it clear that the company has strong contingency plans.
He added that Aramco has the lowest carbon intensity globally and the company is working toward achieving a sustainable future.
Nasser also revealed that the Jafura gas project’s first phase will be operational by 2025, followed by the opening of the second phase in 2027.