Page 13 - MEOG Week 08 2022

MEOG NEWS IN BRIEF MEOG

POLICY Nasser said. Aramco shares close at all-
The move comes in addition to the oil and
Iranian budget envisages gas pipeline deals, which were announced time high
earlier, as part of its asset optimization
$70 oil, 1.4mn bpd sales program, Nasser told Argaam on the sidelines Shares of Saudi Arabian Oil Co. (Saudi
of the International Petroleum Technology
Aramco) hit their highest level since listing, at
The spokesman of the presidium of the Conference (IPTC) 2022, adding that more SAR 40.20 on February 21.
Islamic Consultative Assembly said: “With the details will be duly announced. The stock closed at an increase of 4 at SAR
positive vote of the representatives in the open Demand for oil is currently high, especially 39.25%, its highest closing since listing, with
session, the amount of oil exports in the next in Asia, and is on the rise, Nasser noted, nearly 40 million shares traded at a total value
calendar year will be considered at 1.4 million expecting oil demand to return to and surpass of 1.6 billion.
barrels per day at a price of $70/b. the pre-pandemic levels in the first half of Accordingly, Saudi Aramco’s market
Seyed Nezamuddin Mousavi said 2022. capitalization reached SAR 7.85 trillion
on Sunday evening: “The based on the Elsewhere, Nasser said that Saudi Aramco’s (equivalent to $2.09 trillion).
parliament’s decision, the amount of oil investments in gas to reduce burning liquid Saudi Crown Prince Mohammed bin
sales for the calendar year of 1401 will be fuel in water and power plants, as well as other Salman recently announced transferring 4%
considered at 1.4 mbd at $70 per barrel.” industries, in the Kingdom, will reach nearly 1 of the oil giant to the Public Investment Fund
He added: “Based on the deliberations of million barrels by 2030. The world’s largest oil (PIF).
the relevant officials in the Budget Integration exporter invests almost $700-800 million in Aramco was established in Saudi Arabia by
Committee and considering the country’s technology annually. a royal decree on Nov. 13, 1988. The company
capacity, this resolution has been finalized at The company invested in ramping up is fully-owned by the Saudi government with a
the Integration Committee and the Ministry production capacity, during the worst paid-up capital of SAR 60 billion, divided into
of Petroleum has announced that there is conditions of the pandemic, although 200 billion ordinary shares without face value.
enough capacity to reach 1.4 million barrels explorations have been suspended worldwide The company was listed on the Saudi
per day of exports for next year.” since a long time. Despite large reserves, Saudi market in December 2019.
The Speaker of the Presidium of the Islamic Aramco continued its investments in oil and Aramco’s primary objectives relates to all
Consultative Assembly stated: “According gas since 2020. aspects of energy-related activities, including
to the upstream laws, an amount of oil sales Saudi Aramco’s investments started to pay hydrocarbons, chemicals and other related
is transferred to the National Development out amid burgeoning demand for oil. “We and complementary industries, or any other
Fund every year, and this year this share will believe in long-term investments, regardless activity within or outside Saudi Arabia.
be about 40%.” of market conditions. We will continue ARGAAM
SHANA expansions locally and overseas,” Nasser said.
Nasser also expected demand for blue
hydrogen to rise in the long term, adding OIL
COMPANIES that Aramco invests in blue hydrogen. The
company is also in talks with partners and Cambodia invites Iran to
Aramco reviewing assets markets that use blue hydrogen. explore for oil
The most important is to find markets in
ahead of potential stake demand for hydrogen in the long term. Cambodia has invited Iran to examine the
On the other hand, Nasser affirmed that
sale an additional stake sale in Aramco, the stake feasibility of developing the Kingdom’s
existing oil blocks and requested that
size and target markets will be decided by the
Saudi Aramco is reviewing some assets ahead state. the republic conduct further oil and gas
of a potential offer going forward, President ARGAAM exploration studies.
and Chief Executive Officer (CEO) Amin The proposal was made during a courtesy

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