Aramco President: Vital Role of Oil, Gas to Continue

Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed
Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed
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Aramco President: Vital Role of Oil, Gas to Continue

Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed
Amin Nasser, President and Chief Executive Officer of Aramco, arrives to the Future Investment Initiative conference in Riyadh, Saudi Arabia October 24, 2017. REUTERS/Hamad I Mohammed

Amin Nasser, President and Chief Executive Officer of Aramco, has called on the world not to disregard investment in the oil and gas industry because it will continue to play a vital role throughout the upcoming decades.

During the first session of Future Investment Initiative on Tuesday, Nasser expressed delight that the kingdom has hosted this huge forum, the first of its kind in the region, which embodies ambitions of Saudi Arabia to be the pioneering investment power worldwide in a way that serves economic diversification.

He added that Aramco is proud of its significant role in achieving the objectives of Saudi Vision 2030, which encompass supporting economic diversification and the private sector and seeking to become the pioneering global company for energy and petrochemicals.

Aramco techniques focus on facing challenges of climate change and Carbon emissions by developing super clean fuel, he continued, not to mention the company’s efforts to enhance energy sector efficiency through nationalization and expansion in the renewable energy field.

“As the world – and Aramco – focus on technique, innovation and challenges of the future, thinking must be rational and the world must not neglect investment in oil and gas industry because it will continue to play a vital role during the upcoming decades," Nasser stated. 



Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
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Ukraine Receives New IMF Loan 1,000 Days into War

A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)
A Ukrainian national flag flutters near buildings destroyed by Russian military strikes in Borodianka, Ukraine, February 15, 2023. (Reuters)

The International Monetary Fund (IMF) and Ukrainian authorities have reached an agreement that would give Ukraine access to about $1.1 billion, the IMF said on Tuesday, adding that its executive board must still weigh in on the deal.

If approved, the agreement would bring the total amount disbursed to Ukraine under the program to $9.8 billion, the IMF statement said, adding that the board was expected to review the deal in coming weeks.

“The outlook remains exceptionally uncertain and Russia's war in Ukraine continues to take a heavy toll on Ukraine's people, economy, and infrastructure,” the funds' staff wrote, adding that despite those challenges the program “remains on track.”

“The economy has continued to show resilience despite the devastating challenges arising from Russia’s war in Ukraine, which has now lasted 1,000 days,” it added.

“However, risks remain exceptionally high given uncertainty on the intensity and duration of the war, including from the continued attacks on energy infrastructure.”

IMF staff, which met with Ukrainian officials Nov. 11-18, said the country's real GDP growth was expected to be 4% this year but slow to 2.5%-3.5% in 2025 amid energy infrastructure damage and labor shortages.

Inflation in Ukraine also reached 9.7% year-over-year in October over rising food and labor costs “but inflation expectations remain well anchored,” IMF staff concluded.