Via Eva Levesque in agbi.com: Saudi Aramco has scaled down its low carbon ammonia production target by 80 percent because of high costs and low demand. The company has adjusted its production objective from 11 million tonnes per annum (mpta) by 2030 to 2.5 mpta, it has said. The new target is still subject to the availability of commercially viable long-term offtake projects, Amin Nasser, Aramco CEO, told analysts during an earnings call this week. “We refined the target. The market is not evolving quickly enough considering the high cost,” Nasser said. Nasser said Aramco, which is the world’s largest oil company by value, is in discussions with potential ammonia buyers but will only go ahead with production if it secures agreements with “appropriate” returns.
