Pump It to the Limit! Riyadh Reveals Who’ll Produce Last Barrel of Oil on Planet
AFP 2017/ MARWAN NAAMANIBusiness16:28 25.10.2017(updated 16:42 25.10.2017) Get short URL
While oil is likely to become more expensive and increasingly scarce in the decades to come, Saudi Arabian authorities believe that their country will be affected by possible changes later than any others.
“There is no doubt that the last barrel of oil on the planet will be produced here in Saudi Arabia by Saudi Aramco,” Riyadh’s Energy Minister Khalid al-Falih told journalists during the Future Investment Initiative forum that is taking place in Riyadh, Saudi Arabia, from October 24 to 26.
The state-owned company controls about 25% of the world’s traditional fuel reserves, being the most reliable producer of oil, al-Falih stated.
At the same time, the company’s CEO Amin Nasser said that the enterprise is ready to be in step with the times and diversify the country’s energy sources, focusing on renewable energy.
“Saudi Aramco is committed to supporting Vision 2030’s key aims of a diversified economy, anchored by a thriving private sector. Our strategic intent to become the world’s leading energy and chemical company,” Nasser stated.
The company was founded in 1933 and is based in Dhahran. The corporation controls almost all oil-producing capacities of the country.