Saudi Aramco’s gas expansion strategy needs $150 billion (117.55 billion pounds) worth of investments over the next decade as the company plans to increase output and become an exporter, Reuters reports, citing CEO Amin Nasser’s comments at an industry event in Dubai.
Aramco is pushing ahead with its conventional and unconventional gas exploration and production program “to feed its fast growing industries, freeing up more crude oil to export or turn into chemicals,” Reuters reports.
“We are looking to shift from only satisfying our utility industry in the kingdom, which will happen especially with the increase in renewable and nuclear to be an exporter of gas and gas products,” Nasser said.
“Our gas program… will attract investments of about $150 billion over the next decade,” he said. “We also have world-class unconventional gas resources that are rapidly supplementing our large conventional resources.”
In an interview with Bloomberg published on Monday, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects.
