Saudi Aramco CEO Amin Nasser said the company will invest $3.4 billion to expand its refinery in the US, a move that reflects Aramco’s commitment to strengthening its presence in global markets, particularly in the integrated energy sector.
During his participation in the Saudi-US Investment Forum, Nasser said Tuesday that Aramco will sign an agreement with the US company Sempra to supply 6.2 million tons of liquefied natural gas annually, as part of the company’s plans to expand in this vital sector.
Aramco is pursuing 7.5 million tons a year of LNG offtake by 2030.
“The US is really a good place to put our investment,” he added.
Nasser explained that Aramco also invests in technology with global companies such as Nvidia, Google, IBM and Qualcomm.
Meanwhile, ACWA Power Chairman of the Board of Directors Mohammad Abunayyan said the company has succeeded in reducing the cost of electricity production from solar energy by 90%, and the cost of wind energy by more than 60%.
He pledged that the company will achieve a similar cost production in energy storage technologies.
“We have made renewable energy sources the backbone of the electricity grid, which is a globally unprecedented achievement,” Abunayyan said.
“Renewable energy has become a permanent source, thanks to the reliance on battery and hydrogen technologies,” he told a panel discussion at the Saudi-US Investment Forum.
Abunayyan said he is optimistic Saudi Arabia will become a digital hub and a global hub for data centers.
“There is no country in the world more capable than the Kingdom of Saudi Arabia to provide energy for data centers,” he said, stressing that Saudi Arabia is one of the few countries able to achieve net-zero emissions while maintaining the stability of the core energy grid.
