Remarks by President & CEO Amin H. Nasser at SATORP Expansion Signing Ceremony

Amin H. Nasser, Aramco President & CEO

Your Excellency, Minister of Land, Infrastructure and Transport, Won Hee-ryong, distinguished guests, ladies and gentlemen.

I welcome you all on another exciting day for the Kingdom of Saudi Arabia, and a new milestone in the relationship between Aramco, Total Energies, and SATORP. 

I would like to thank the Kingdom's Ministry of Energy, Ministry of Investment, and the Shareek program for the tremendous support in getting us to this landmark occasion. 

This year marks Aramco's 90th anniversary. 

Since 1933, we have been rooted in strong partnerships. And indeed, we would not be as successful as we are today without the support and collaboration from partners like Total Energies.

I would like to thank Patrick and the entire Total team for your trust and friendship.

At the same time, bilateral relations between France and Saudi Arabia continue to strengthen, demonstrated by this week's high-level meetings between His Royal Highness, the Crown Prince, Mohammed bin Salman and President Macron. 

For Aramco and Total, our history dates back almost 50 years, where we have worked together in the downstream sector. Our SATORP joint venture is an example of how two companies that embody the spirit of innovation, collaboration, and progress, can come together to accomplish something remarkable.

Just 10 short years ago, the first products cargo was shipped from SATORP on September 23, 2013 on Saudi National Day.

And late last year, Aramco, Total and SABIC made a breakthrough in producing certified circular polymers from plastic waste derived oil processed at SATORP, a first in the region. 

And now, when many in the energy industry are shying away from capital investments, I am delighted that we are taking SATORP to the next level, with an 11-billion-dollar expansion. 

For our part at Aramco, we continue to look for ways to strike the right balance in providing the energy the world requires today and tomorrow, with a pragmatic, orderly, and inclusive energy transition plan.

And we see petrochemicals playing a significant role in that vision. We aim to convert up to four million barrels per day of liquids to chemicals by 2030, expanding our value chain by producing advanced chemicals more efficiently using cutting-edge downstream technologies. 

Through partnership with global industry leaders like Total, this expansion is essential to the Kingdom's economic growth and diversification objectives. The EPC contractors signing today are world-class and will deliver with the excellence they are all known for with high local content.  

Overall, we expect the SATORP expansion to create up to 7,000 local direct and indirect jobs, creating more opportunities for talented Saudis. It will further integrate with SATORP's refinery, while also complementing other facilities in the Jubail Industrial City area such as Sadara and Saudi Kayan.

And by having this expansion right here in Saudi Arabia, and bringing in billions of dollars of Foreign Direct Investment, we will continue to elevate an already significant contribution to the GDP of Saudi Arabia, which is on track to be the fastest-growing G20 economy this year.

Supported by the government's Shareek program, we are seeing more local and global private sector companies invest in Saudi Arabia, with those signing today showing just how successful the program has become.

Whether it is investments locally from companies within the Kingdom, or those abroad from places like Europe and Asia, Aramco continues to see tremendous value in collaboration, enabling and enhancing our globally competitive and vibrant local energy sector. 

Ladies and gentlemen, this truly is an exciting day for the Kingdom, Aramco, and everyone in this room today.  

This expansion is a tremendous model for future success, all thanks to strong partnerships, great relationships and trust. 

Once again, thank you to Shareek, the Ministry of Investment, and the Ministry of Energy under the leadership of His Royal Highness Prince Abdulaziz bin Salman. As well as Total Energies and all of the EPC companies joining us today. 

Together, we are not simply signing names on contracts, but we are sealing our trust in one another and embarking on the next step of our innovative and exciting journey as one team. 

Thank you.