Affordability and supply security key to achieving energy transition: Aramco CEO  

Affordability and supply security key to achieving energy transition: Aramco CEO  

RIYADH: As achieving net-zero greenhouse gas emissions high on the global agenda, the chief of the world’s biggest oil producer Saudi Aramco said the energy transition will happen only if affordability, security of supplies and sustainability are being ensured.

Talking about carbon capture and storage, Aramco President and CEO Amin H Nasser said the company is trying to build one of the world's biggest hub for carbon capture and storage. "But we need to scale carbon capture and storage globally. Without scaling, you cannot achieve your net-zero target. Hopefully, I am confident that with technology and with innovation, we will be able to do that.”

The energy giant reported a record net profit growth of 46.46 percent in 2022 to SR604.01 billion ($161 billion), driven by higher oil prices, increased volumes sold and improved margins for refined products.

During a press conference after announcing the financial results, Nasser told Arab News that material transition supported by technological advancements and innovation is pretty much necessary to achieve energy transition goals within the stipulated target time.

“We are heavily investing in technology. We have 12 global centers, most of those work on sustainability. Material transition is critical for Aramco and others, because, without material transition, it