Aramco CEO Reaffirms Company’s Commitment to Reducing Gas Emissions

Saudi Aramco Chief Executive Amin H. Nasser attends OGCI event, photo provided by Saudi Aramco's official website
Saudi Aramco Chief Executive Amin H. Nasser attends OGCI event, photo provided by Saudi Aramco's official website
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Aramco CEO Reaffirms Company’s Commitment to Reducing Gas Emissions

Saudi Aramco Chief Executive Amin H. Nasser attends OGCI event, photo provided by Saudi Aramco's official website
Saudi Aramco Chief Executive Amin H. Nasser attends OGCI event, photo provided by Saudi Aramco's official website

Saudi Aramco Chief Executive Amin H. Nasser has reaffirmed the company’s commitment to cutting back greenhouse gas emissions.

The Aramco top executive was attending an event sponsored by the Oil and Gas Climate Initiative (OGCI), a partnership of 10 international oil companies that aims to reduce greenhouse gas emissions from the industry.

“Saudi Aramco is committed to reducing greenhouse gas (GHG) emissions by focusing our research, development and funding on high impact technologies that reduce cost and create significant environmental advantages,” Nasser said at the event.

The investments with Solidia Technologies, Achates Power and the first commercial carbon capture, use and storage (CCUS) gas plant are a testimony to OGCI’s determination to tackle climate change through technology-enabled solutions that align with Saudi Aramco’s key priorities of reducing GHG emissions in the energy sector.

“We are also leveraging our global research and development network to demonstrate more efficient transport solutions, as well as, new technologies to capture CO2 and transform it into high value products, such as the Converge® technology, which produces low GHG footprint polymers,” Nasser added.

In a joint statement, the OGCI member companies said that “natural gas is a vital part of the transition to a lower carbon future.”

They also said they aimed at working towards reaching near-zero methane emissions from the gas value chain.

More so, they expressed their commitment towards ensuring that natural gas continues to deliver its clear climate and clean air benefit compared to coal.

In other achievements over the past year, OGCI is partnering with United Nations Environment Program (UNEP) to launch the world’s first global methane study focused on filling gaps in identification and quantification of global methane emissions. OGCI is also working with Imperial College London to develop a clearer understanding of total GHG emissions across the natural gas value chain.



Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)
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Saudi Minister of Finance Approves 2025 Annual Borrowing Plan

A night view of Riyadh, Saudi Arabia. (SPA)
A night view of Riyadh, Saudi Arabia. (SPA)

Saudi Minister of Finance Mohammed Abdullah Al-Jadaan approved on Sunday the Annual Borrowing Plan for the fiscal year 2025, following its endorsement by the Board of Directors of the National Debt Management Center.

The plan highlights key developments in public debt for 2024, initiatives related to local debt markets, and the funding plan and its guiding principles for 2025, in addition to the 2025 issuances’ calendar for the Local Saudi Sukuk Issuance Program in Saudi Riyal.

According to the plan, the projected funding needs for 2025 are estimated at approximately SAR139 billion. The amount is intended to cover the anticipated budget deficit of SAR101 billion for the fiscal year 2025, as outlined in the Ministry of Finance’s Official Budget Statement, and the principals’ repayment of the debts maturing in the current year, 2025, amounting to approximately SAR38 billion.

To boost the sustainability of the Kingdom's access to various debt markets and broaden the investor base, Saudi Arabia aims in 2025 to continue diversifying local and international financing channels to efficiently meet funding needs.

This will be achieved through the issuance of sovereign debt instruments at fair pricing, guided by well-defined and robust risk management frameworks.

Additionally, the Kingdom plans to benefit from market opportunities by executing private transactions that can promote economic growth, such as export credit agency financing, infrastructure development project financing, capital expenditure (CAPEX) financing, and exploring tapping into new markets and currencies based on market conditions.