MOSCOW (MRC) -- Saudi Aramco CEO Amin Nasser said the “tragic situation unfolding in Ukraine is making the global energy crisis worse,” according to ArabNews.
Nasser, speaking at CERAWeek in Houston, echoed other energy executives in saying that the crisis exposes the mixed signals delivered by policymakers to the oil-and-gas industry amid the energy transition.
“As oil and gas investments are discouraged, demands are being placed on our industry to increase production,” he said.
The Aramco chief said: “All energy resources will be needed to support a successful transition, and the demonization of our industry is not helping.”
“We need consensus on the essential role of oil and gas with lower emissions, working side-by-side with alternatives to meet the rising global call on energy and deliver on net-zero ambitions.”
Nasser also said the Ukraine crisis has exposed limitations of current energy policies and is a bleak reminder of the impact of geopolitics on the fragile energy transition.
As MRC informed before, in June 2020, Aramco finalized its USD69 billion acquisition of a 70% stake in Saudi Basic Industries Corp., the Middle East's biggest petrochemical maker. SABIC reported more than a fivefold year-on-year increase in its Q3 net profit to USD1.49 billion thanks to higher average sales prices.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,487,450 tonnes in 2021, up by 13% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whreas.shipments of PP random copolymers decreased significantly.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco's value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.