Aramco to invest up to $58B in 2025 gas, renewables ventures, CEO says
Saudi Aramco is investing in an offshore gas field and new business areas such as lithium and blue ammonia, its CEO told stockholders.
DUBAI — Saudi Aramco, the world's largest oil-exporting company, is planning to spend $52-58 billion on capital investments in 2025, boosting production from a large offshore gas field as well as prioritizing new business areas such as lithium and blue ammonia, its president and chief executive said Tuesday.
The company plans to boost its gas production by over 60% by 2030 from a 2021 baseline by tapping its Jafurah gas field.
Jafurah, estimated to hold 229 trillion cubic feet of gas, is one of Aramco's most expensive projects. The company has awarded $25 billion worth of contracts so far for its development.
The Saudi oil giant's CEO, Amin Nasser, told analysts and investors in a call Tuesday that the additional gas output is estimated to generate $9-10 billion annually by 2030.
