Al-Rumayyan Announces Aramco, World’s Greenest Oil Producer
Emphasis on Saudi Market and Returns
Yassir Al-Rumayyan, the Governor of the Saudi Public Investment Fund and Chairman of Aramco, has announced that Aramco is the greenest oil producing company in the world.
Al-Rumayyan confirmed Aramco’s carbon emission per barrel of oil is 25% lower than other companies. Aramco also operates 12 research and development centers worldwide, focusing on clean energy technology.
Emphasis on Saudi Market and Returns
Yassir Al-Rumayyan, the Governor of the Saudi Public Investment Fund and Chairman of Aramco, stated that 70% of the fund’s investments will be focused on the Saudi market. Additionally, these investments aim for a return of no less than 7.5%.
Impact of Investments in United States
During his participation in the “Priority Summit” held in Miami, Al-Rumayyan highlighted the economic impact of the fund’s investments in the United States. Since 2017, these investments have reached $100 billion. Approximately 40% of the fund’s foreign investments are concentrated in America.
Saudi Economy and Job Opportunities
Al-Rumayyan mentioned the growth in Saudi Arabia’s GDP and its openness to investments across various sectors. He also emphasized the importance of investment in creating job opportunities and injecting funds.
Saudi Arabia as Center for Artificial Intelligence
He affirmed Saudi Arabia’s potential to become a key center for artificial intelligence (AI) outside the United States. AI, he noted, consumes significant energy and financial resources.
Leadership in Fuel Production and AI Impact
Saudi Arabia, a leader in fuel production, is described as the largest energy provider in history. The growing reliance on AI worldwide has affected most energy producers, with Saudi Arabia being the least impacted.
Commitment to Green Policies in Energy
Aramco is committed to green energy policies, both in traditional fuel and renewable energy. Aramco is among the lowest in CO2 emissions globally.
Al-Rumayyan revealed Saudi Arabia’s efforts to reduce solar energy production costs to one cent per kilowatt-hour. With increasing interest rates, this cost might drop below two cents, a world-leading figure.
AI’s Growing Influence and Regulations
The influence of AI is growing strongly. Its positive impact relies on appropriate laws for monitoring, supervision, and empowerment. AI will contribute around 14% to global GDP growth.
Expanding Future Investment Initiative
The Future Investment Initiative will expand globally, organizing events in Brazil and Kenya. These events aim to enhance investment opportunities with Latin American and African markets, focusing on renewable energy and environmental protection.
Focus on New Sectors and Long-Term Impact
In conclusion, the Public Investment Fund primarily targets new sectors to create a long-term impact. It acts as an economic driver for the Kingdom’s 2030 vision, having achieved many of its targets ahead of schedule.
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