Saudi Aramco wants to attract around $150 billion (Dh551bn) in investment over the next decade to nearly double gas its production, according to the company chief executive.
Saudi Arabia, the world’s largest exporter of crude, has been ramping up investment and production capacity for the commodity as it looks to switch its utilities to gas-fired plants and free up more oil for the export market. The kingdom is also looking to add more renewables capacity and start a nuclear programme to fuel its power stations.
"Our gas programme will attract $150bn worth of investments over the next 10 years and with production reaching almost 25 million cubic feet per day from the current average of 14 million cubic feet per day,” Amin Nasser, president and chief executive of the Saudi state producer, told a chemicals conference in Dubai on Tuesday.
Around 55 per cent of utilities in Saudi Arabia are gas based today, said Mr Nasser.
“We’re looking to have 70 to 75 per cent of our utilities gas based and the rest will be handled by renewables and nuclear energy. We’re looking to be a major player in gas. Gas will be 50 per cent [of the utilities mix] by 2040 and has a better impact on the environment, in terms of climate change,” he said.
Mr Nasser also added that around $100bn worth of investments would be made in developing the country’s chemicals sector over the next decade, including strategic acquisitions to feed growing demand for products, mainly in China and India. Already the company is in talks to acquire 70 per cent of Saudi Basic Industries Corporation, the region's biggest petchem producer.
"We are expanding this business both in Saudi Arabia and in fast-growing overseas markets like China and India, with the aim of converting two million barrels per day of crude oil into petrochemicals—and we may eventually move our target higher to three million barrels,” he said.
Aramco, which has around 4.2 per cent of global proven reserves for gas, has expanded its search for the cleaner fuel to include exploration for unconventional resources in the kingdom. The producer hired US oil services firm Halliburton to help unlock shale gas reserves, which it wants to add to its utilities sector as well as act as feedstock for the domestic chemicals sector.
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Read more:
Aramco plans to tap shale gas basin rivaling Texas' Eagle Ford
Aramco hires Halliburton to help search for shale gas in kingdom
Saudi Aramco awards $4.5bn worth of contracts to boost gas output
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“So we’re going into international gas, LNG [liquefied natural gas]. Also, at the same time, we do have a lot of potential for unconventional gas in the kingdom and we’re talking about 3 billion cubic feet of sales gas by 2030,” said Mr Nasser.
[Our] gas capacity 10 years from now could reach 5 billion cubic feet per day, he added.
The exploration for the shale reserves will bring on stream "a lot of ethane, will bring a lot of condensate, and a lot of NGL [natural gas liquids]”, he said.
“So it’s very commercial and adds a lot of value in terms of creating additional chemical industry in the kingdom and more liquids than can be exported,” Mr Nasser said.
The additional gas will not only support growing utility needs in the kingdom but also transform Aramco into a net exporter for gas.
The Saudi company and state-owned Abu Dhabi National Oil Company signed a framework agreement to collaborate in the natural gas and LNG sectors this month. They will consider partnerships on “techno-economic feasibility” studies and knowledge exchange, the two firms said.
Development of indigenous gas reserves has become important to Arabian Gulf economies that were previously dependent on imported fuel.
Abu Dhabi this month announced the discovery of 15 trillion cubic feet of gas in existing and untapped blocks. That will increase existing reserves of gas, which stood at around 209.7 trillion cubic feet at the end of 2017, according to the latest BP Statistical Review of World Energy, by 7.1 per cent.
Bahrain, the region’s smallest energy producer, announced this year it had found 80 billion barrels of shale oil and 20 trillion cubic feet of gas offshore.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs
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Power: 400hp
Torque: 475Nm
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Match info
Arsenal 0
Manchester City 2
Sterling (14'), Bernardo Silva (64')
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
The%20team
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Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Saturday's results
West Ham 2-3 Tottenham
Arsenal 2-2 Southampton
Bournemouth 1-2 Wolves
Brighton 0-2 Leicester City
Crystal Palace 1-2 Liverpool
Everton 0-2 Norwich City
Watford 0-3 Burnley
Manchester City v Chelsea, 9.30pm
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
