Bismillah al-Rahman al-Rahim.
Your Royal Highness, Your Excellency, Ladies and Gentlemen: welcome to Saudi Aramco and thank you for joining us today. Let me begin by acknowledging the significant effort, teamwork, and strong spirit that has brought us to this point.
In particular, I want to express my gratitude to His Royal Highness, the Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.
From the very beginning, his support and leadership have been unwavering. It has been the key to achieving what many considered impossible by unlocking the Kingdom’s vast gas potential and turning that vision into reality.
I also want to thank our many Saudi and international partners. Their collaboration has been essential to maintaining such positive momentum. This ceremony marks the beginning of a new era.
The contracts we announce today, valued at more than $25 billion, start a new phase of development for two mega projects that will take our world-class natural gas capabilities to the next level.
The first project is the third expansion of the Master Gas System.
The system has been the backbone of industrial development in the Kingdom for nearly five decades. Now, we begin work to expand its reach with 17 new gas compression trains and 4,000 more kilometers of pipeline. This new infrastructure will add about 3.2 billion standard cubic feet per day to the network.
And it will connect several additional cities from across the country to the network. Businesses from Jeddah to Jazan and Al-Kharj to Sudair will receive gas from the system for the first time. That will help accelerate industrialization, drive economic growth, and create dynamic new jobs for Saudis.
The expansion will also make large contributions to the Kingdom’s goal of generating 50% of its electricity from gas by 2030 and supply a rich source of feedstock for the petrochemicals sector.
The second project is phase two of development at Jafurah, the largest unconventional gas field in the Middle East.
By generating an anticipated 2 billion standard cubic feet per day of sales gas by 2030, this bold initiative will strengthen Saudi Arabia’s position as one of the top natural gas producers in the world…ushering in a new era of energy for the Kingdom.
It will also provide a key input for blue hydrogen production, supporting our ambition to be a world leading supplier of this low carbon energy.
And because Jafurah has the potential to produce approximately 420 million standard cubic feet of ethane per day and around 630 thousand barrels per day of NGL and condensate, the project has great potential to add value down the petrochemicals supply chain.
Together, these two mega projects share four core qualities.
First, both leverage the potential of natural gas, which will increasingly displace the burning of liquids and help advance the Kingdom’s emissions reduction and net-zero ambitions.
Second, they will help ensure the reliable supply of more efficient and sustainable energy that Saudi Arabia’s industries need to maintain their growth.
Third, they will strengthen the local supply chain, enhancing our IKTVA program through new partnerships and by expanding existing ones. As an example, 97% of the pipeline material for the master gas system is manufactured right here in Saudi Arabia.
And fourth, both reflect the unique blend of innovation, spirit of teamwork, and entrepreneurial drive that define Aramco and the Kingdom.
With today’s ceremony, we begin a new chapter…taking another transformative leap forward toward fulfilling the promise of Vision 2030 and beyond.
It has been a truly remarkable journey. I am proud of all that we have achieved together, and am inspired by all the progress that I know lies ahead.
Thank you.