RIYADH: According to Amin Nasser, president and CEO of Saudi Arabian Oil Co., Asian nations ought to stand up and play a major role in building a realistic, orderly, and inclusive global energy transition. Amin Nasser made this statement in an interview.
While speaking at the Energy Asia conference in Kuala Lumpur, which was hosted by Malaysia’s state oil business Petronas, Nasser suggested that countries in the region should create strategies that represent the specific goals of each individual nation.
In his speech, he also reaffirmed Saudi Aramco’s aim, which is to assist in balancing the increasing need for energy with more environmentally friendly solutions.
He stated, “When it comes to the energy transition, I do not believe that the interests of this dynamic region are being adequately reflected in the popular energy transition narrative or in the policies that are currently in place for the transition.”
According to Nasser, the regulations that are now in place regarding the transition should emphasize not just the environmental sustainability but also other considerations such as the cost and security of the energy supply.
“I see this as a tremendous chance for Asia to speak louder and more clearly about the distinct transition priorities that are important to the region. He made the observation that Asia’s voice in the transformation process ought to equal its voice in the economic sphere.
In addition, Nasser stated, “We are doubling down on Asia’s growing demand for energy, chemicals, advanced materials, lubricants, and new lower carbon energy, all of which are supported by paradigm-shifting technologies.” (We are) doubling down on our efforts to meet these requirements by becoming Asia’s one-stop source, with the additional goal of striking a balance between energy affordability, security, and environmental sustainability.
In his discussion of the prospects for Asia’s future, Nasser stated that a fresh strategy for the region’s ongoing energy transformation will help “deliver the energy future that its economies and people deserve.”
According to Nasser, the fundamentals of the global oil market are projected to continue to be strong through the end of 2023. This is primarily driven by robust demand in developing countries like China and India.
“Despite the risks of recession in several OECD (the Organization for Economic Cooperation and Development) countries, the economies of developing countries — especially China and India — are driving healthy oil demand growth of more than 2 million barrels per day this year,” he said.
He went on to say that despite the fact that China is experiencing some economic headwinds and hurdles, the transport and petrochemical industries are still displaying significant indicators of growth.
In February, Nasser issued a warning that the policies and aspirations of energy transition have created a dangerous path for global demand, as alternatives are not capable of supplying all of the world’s need.
“Alternatives are not yet prepared to carry the weight of the burden that is the global demand.” ‘Everyone, including capital markets, has to adopt a more realistic view of how the energy transition will unfold,’ he stated during the Saudi Capital Market Forum that was hosted in Riyadh. “From my perspective, for a less risky global energy transition, everyone, including capital markets, must take a more realistic view of how the energy transition will unfold,” he said.
During a press conference in March, he responded to a question from Arab News by stating that the energy transition would only occur if there is a guarantee that it will be affordable, that there will be a security of supply, and that it will be sustainable.