Aramco President: We aim to increase gas production by 80% by 2030
The President and Chief Executive Officer of Aramco, Eng. Amin Al-Nasser: High sales gas expectations, noting the target of growth in sales gas production capacity by about 80% between 2021 and 2030, benefiting from the advanced capabilities of Aramco.
Al-Nasser said: In the third quarter financial results bulletin issued by Aramco: Part of this comes from the expansion of the unconventional gas project in Jafurah, which has attracted great interest from international investors.
Aramco’s financial results
He explained that the company’s performance Saudi Aramco in the third quarter once again demonstrated its ability to adapt to new market realities.
Al-Nasser added: "We increased production at little additional cost and reliably supplied the oil, gas and related products our customers depend on, contributing to strong financial performance and quarterly profit growth."
Oil and Gas Projects
He said: "We continue to enhance our capabilities in the exploration and production sector with a number of major oil and gas projects recently completed or scheduled to become operational soon."
Al-Nasser added: "Our strategy remains focused on value-enhancing growth while meeting increasing energy demand, closely integrating our businesses, and leveraging technology developments to explore new business opportunities. This approach is supported by our use of advanced artificial intelligence solutions and investment in digital infrastructure."
He expected that Aramco’s plan to acquire an influential minority stake in Humane Company will continue to enhance innovation and progress in the vital and rapidly developing artificial intelligence sector.
Exceptional ability
The Executive Vice President and Chief Financial Officer of Aramco, Ziyad Al-Murshed, said: "Saudi Aramco’s exceptional ability and ability to quickly increase production and seize opportunities of high demand contributed to achieving a strong performance during the third quarter."
He added: "Adjusted net income increased 14% and free cash flow increased 55% sequentially".
Aramco Sukuks
He noted that the company’s recent issuance of sukuks worth $3 billion attracted wide interest from leading international investment institutions. Saudi Aramco also completed the Jafurah processing and transportation project deal with a coalition of foreign investors, which confirms investors’ confidence in the solidity of the company’s financial position and its long-term strategy.".
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