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FinancialNews


  • 05-10-21

    Saudi Aramco to increase its crude production capacity

    (MENAFN) Saudi Aramco works on growing its crude production capacity even as investments in the oil industry is dropping and the company is challenged with decreasing carbon emissions, its CEO Amin Nasser said.

    Nasser further declared that it is going to last until 2027 for Saudi Aramco to improve its capacity from 12 million barrels per day to 13 million barrels. “It will not happen overnight.”

    The official also stated that “It takes years, 2-3 years between front-end engineering and then construction will take also another 3-4 years.”

    He added that “We are doing our share in terms of building (capacity) even though we have adequate spare capacity today. We are bringing additional supplies to the market while we’re working on reducing our emissions at the same time.”

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