Aramco’s president and CEO Amin Nasser calls on Asian leaders to speak louder and more clearly about the regions unique priorities to help shape a new, pragmatic global energy transition approach, as Aramco doubles down on its Asia commitments.
Aramco president and CEO Amin Nasser delivered a powerful keynote speech about Asia’s Energy Future at a major three-day Energy Asia Conference held recently in the Malaysian capital of Kuala Lumpur.
Global Transition Policies
Reflecting on the global energy transition, Nasser said, “The prevailing narrative and current transitional policies have already caused a decade of underinvestment in oil and gas,” noting that when shocks such as the conflict in Ukraine do occur, an energy crisis for many is the result.
Despite the welcome additions from electric vehicles, solar, and wind over the past decade, he observed that it has not even met the growth in global energy consumption.
“If you put all your transition eggs in the new-energy basket, you are scrambling when that basket cannot carry the load!” he said, adding that completely transforming a $100 trillion global economy in a quarter of a century is “fanciful.”
Asia’s Transition Voice
Turning to Asia specifically, he saw a very diverse picture, but was encouraged to see consensus building among large energy consumers such as China and Japan around the need for a “pragmatic, orderly, and inclusive” approach to energy transition.
However, to make this new approach a worldwide reality, he argued that Asia needs to speak louder and more clearly about its unique transition priorities.
“The same energy transition policies should not be applied to every nation. If they are, it will severely affect the competitiveness of those who are not at the same economic maturity level, which is the case for many in Asia.”
— Amin Nasser
“Its transition voice should match its economic voice,” he said, and reassured the entire region that it can count on Aramco’s practical support.
The Future in Action
Nasser also pointed out that Aramco is using the largest capital program in its history to “double down on two-way opportunities to do business.”
In particular, Nasser highlighted Aramco’s intensified efforts on the ground in Korea, China, and Malaysia as a measure of the company’s confidence in the region.
“The common thread is partnerships, with people we know personally, companies we can count on, in a region we respect,” he added.
Delivering Asia’s energy future in a century that is Asian
Nasser ended by connecting the company’s long-term approach with Asia’s future energy needs.
“Aramco sees the future in decades, not quarters,” he added, and in terms of eras and not cycles.
“So, in a century that is Asian, we know our future is Asia.”
— Amin Nasser
“If we can bring our combined strength to bear on a new approach to the energy transition, that reflects Asia’s unique priorities, we can deliver the energy future that its economies and people deserve,” Nasser said.
Malaysia Prime Minister
The Asia Energy conference was hosted by the country’s state oil firm PETRONAS, and attended by the Right Honorable Dato’ Seri Anwar Ibrahim, the Prime Minister of Malaysia.
Addressing the event, the Prime Minister praised Aramco’s position that the global energy transition should not come at the cost of growth and sustainable development.
“Instead, Asia must take every opportunity to further dialogue and action around how we can responsibly plan to enable every country in its right to development and lower carbon aspirations,” he said.
— The Arabian Sun: July 05, 2023