Power 50

RPME Power 50 2018

Amin H Nasser

Amin H Nasser

President and CEO, Saudi Aramco

Amin H Nasser – president and CEO of Saudi Aramco – retains his place at the head of this year’s ‘Power 50’ listing. Saudi Armco – the largest provider of crude oil to the global markets – is the world’s leading integrated energy and chemicals enterprise. Nasser is also a member of the company’s board of directors.

While there are many strategic plans announced during the year by Saudi Aramco under the vibrant governance of Nasser, the most significant one is the company confirming that it is engaged in discussions with Public Investment Fund of Saudi Arabia regarding acquiring a strategic interest in SABIC.

In another significant development, a framework agreement was signed in June 2018 between ADNOC, Saudi Aramco and a consortium of three Indian NOCs, to explore a strategic partnership and co-investment in the development of a new $44bn mega refinery and petrochemicals complex at Ratnagiri, on India’s west coast.

The agreement defines the principles of the joint strategic cooperation between Saudi Aramco and ADNOC to jointly build, own and operate the complex in collaboration with the Indian consortium. Saudi Aramco and ADNOC will jointly own 50% of the new joint venture company – Ratnagiri Refining and Petrochemical Company – with the remaining 50% owned by the Indian consortium.

The strategic partnership between ADNOC and Saudi Aramco marks a significant step in the regional energy partnership and cooperation, bringing together two of the world’s leading NOCs as strategic partners with the Indian consortium. It will also combine their considerable expertise spanning crude supply, resources and technologies, along with an established commercial presence and global reach. A pre-feasibility study to determine the project’s overall configuration will now be jointly executed by the parties.

Nasser has served in a number of leadership positions during his Saudi Aramco career that spans more than three decades, including as senior vice president for upstream, when he led Saudi Aramco’s largest capital investment programme in its integrated oil and gas portfolio.

Nasser is spearheading the company’s endeavour to produce cleaner energy and products through investments in entrepreneurial start-ups, renewables, oil-to-chemicals processes, and carbon capture utilisation and storage technologies.

Nasser is also leading the ‘In-Kingdom Total Value Add’ (IKTVA) initiative, which intend to raise the level of local content of its suppliers in Saudi Arabia to 70% by 2021. In addition to his corporate responsibilities, Nasser is a member of the international advisory board of the King Fahd University of Petroleum and Minerals (KFUPM); the board of directors of the Dhahran Techno Valley Company; the board of trustees of the King Abdullah University of Science & Technology; the World Economic Forum’s International Business Council; the MIT Presidential CEO Advisory Board; and the JP Morgan International Council.

Nasser is also a long-time member of the Society of Petroleum Engineers (SPE), and has served on SPE’s Industry Advisory Council since 2008. He received the SPE’s Charles F Rand Memorial Gold Medal in 2015, awarded for distinguished achievement in mining administration, including metallurgy and petroleum.

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