‎Aramco makes progress in Haradh, Hawiyah conventional gas compression projects: Official

‎Aramco makes progress in Haradh, Hawiyah conventional gas compression projects: Official

Saudi Aramco made good progress in the conventional gas compression projects at Haradh and Hawiyah fields, Ziad Al-Murshed, Chief Financial Officer and Senior Vice President of Strategy and Development, said in the earnings press conference that was attended by Argaam.

He added that the initial construction work of unconventional gas projects at Jafurah gas plant is going on in full swing.

The construction work at gas storage in the Hawiyah Unayzah gas reservoir is nearing completion, Al-Murshed said, noting that it is the first underground gas storage project in the Kingdom and will help Aramco deal with seasonal changes in demand, raise the efficiency of asset use and cut costs.

Further, the senior executive indicated that the company paid nearly $20 billion in promissory notes related to the acquisition of Saudi Basic Industries Corp. (SABIC) during the first half of 2022, which led to reducing financing costs by almost $2.2 billion.

The oil giant gradually settled debts as per the relevant specified schedule, Al-Murshed said.

He explained that capital spending amounted to $16.9 billion in H1 2022, an increase of 8% compared to the same period last year, and is expected to continue rising during H2 2022.

The 2022 capital investment guidance was set between $40-50