Aramco Vows $100Bn Spend To Phase Out Crude-Burn, Targets Self-Sufficiency

Saudi Aramco’s CEO says the Saudi electricity sector will phase out direct crude burning. He also sees the company being self-sufficient in powergen by year-end.

State petroleum firm Saudi Aramco plans to spend $100bn over the next 10 years in boosting natural gas production capacity with a view to eradicating the kingdom’s direct burning of crude oil in power plants. In July 2014 Saudi crude burning reached a new peak of 899,000 b/d and during June-August this year the average burn was 863,000 b/d (see p10).

Aramco’s CEO Amin Nasser told reporters in Paris on 16 October that “gas is an important element in our energy mix.” The recently appointed Aramco chief was one of 10 oil and gas company heads signing a joint declaration in support of an effective climate change agreement – which aims among other things to increase the share of natural gas in the global energy mix – ahead of next month’s COP21 climate change conference (see p4). (CONTINUED - 574 WORDS)

DATA INSIDE THIS ARTICLE

table Saudi Major Power Projects Pipeline