Amin H. Nasser, Aramco President & CEO, gives address at Energy Asia 2025
DHAHRAN, Saudi Arabia – Aramco President & CEO Amin H. Nasser today delivered a video address at Energy Asia 2025, a premier forum that focuses on Asia's key role in the energy transition. This year's conference centers around the theme 'Delivering Asia's Energy Transition' and brings together energy and industry professionals and policymakers to help shape Asia's energy future. Full text of Amin H. Nasser's remarks follows below.
Amin H. Nasser, Aramco President & CEO, said: 'I would have liked to be in Kuala Lumpur to personally congratulate Tan Sri Tengku Muhammad Taufik on another successful Energy Asia, particularly at such a challenging time in world affairs. Since we last met two years ago, the world has certainly learned a lot more about the challenges of the global energy transition. Unfortunately, much of that learning has come from hard reality.
Reality has revealed a transition plan that's been oversold and under-delivered for large parts of the world, especially Asia. We were told it would be rapid, painless, and inevitably mean the collapse of conventional energy. Yet oil demand still exceeds 100 million barrels per day, with no sign of collapsing. Why?
Because real-world challenges have exposed deep technical, economic, political, and social flaws in the original narrative. For one thing, the transition is incredibly expensive. Reaching net-zero could cost up to 200 trillion dollars. For another, public doubts are growing as fairytale fantasies meet reality on the ground. People see that renewables, while important and growing, are far from ready to shoulder the burden intended and the risk that exists.
As a result, energy security and affordability have at last joined sustainability as the transition's central goals. Pragmatism is replacing idealism. And that is a good thing, particularly for Asia.
As the engine of global growth and the world's largest energy-consuming region, Asia accounts for almost half of global demand. Without Asia's needs and resources in the equation, the transition has no mass, no momentum, no chance! And Asia will need a lot more energy… from every source.
Yet wind, solar, and EVs aren't even meeting today's demand growth, let alone tomorrow's. That's why oil and gas remain a crucial part of the energy mix. They will be central to meeting rising demand and protecting energy security. But let me be clear: further reducing emissions from these critical sources will also be mission-critical.
Because the goal is not to abandon traditional energy. It's to improve it, while expanding new solutions at a realistic pace. And each country must have a flexible, tailored energy strategy they can deliver. Based on where they are today… and what they can afford. While accepting that transition will not be smooth sailing or pain-free… especially in an increasingly volatile and uncertain world.
Because history tells us many things. It's shown us that when conflicts occur, the importance of oil and gas can't be understated. We are witnessing this in real time, with threats to energy security continuing to cause global concern. History also tells us that new energy sources don't replace the old. They add to the mix.
That's why, above all, history tells us we need collaboration. Government, industry, innovators all have a role to play – in new and conventional energy. So let's ensure that Asia's transition voice matches its economic voice. Let's deliver a future that is secure and affordable as well as sustainable. And let's move to a plan that's grounded in reality. But where the sky's the limit if we focus on prosperity and progress… for everyone.
Thank you, and I hope these thoughts help to shape a productive conference.'
Aramco Contact Information
International Media Relations: media.inquiries@aramco.com
@aramco
About Aramco
As one of the world's leading integrated energy and chemicals companies, our global team is dedicated to creating impact in all that we do, from providing crucial oil supplies to developing new energy technologies. We focus on making our resources more dependable, more sustainable and more useful, helping to promote growth and productivity around the world. https://www.aramco.com
Disclaimer
The press release contains forward-looking statements. All statements other than statements relating to historical or current facts included in the press release are forward-looking statements. Forward-looking statements give the Company's current expectations and projections relating to its capital expenditures and investments, major projects, upstream and downstream performance, including relative to peers. These statements may include, without limitation, any statements preceded by, followed by or including words such as 'target,' 'believe,' 'expect,' 'aim,' 'intend,' 'goal,' 'may,' 'anticipate,' 'estimate,' 'plan,' 'project,' 'can have,' 'likely,' 'should,' 'could,' and other words and terms of similar meaning or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the Company's actual results, performance or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements, including the following factors: global supply, demand and price fluctuations of oil, gas and petrochemicals; global economic conditions; competition in the industries in which Saudi Aramco operates; climate change concerns, weather conditions and related impacts on the global demand for hydrocarbons and hydrocarbon-based products; risks related to Saudi Aramco's ability to successfully meet its ESG targets, including its failure to fully meet its GHG emissions reduction targets by 2050; conditions affecting the transportation of products; operational risk and hazards common in the oil and gas, refining and petrochemicals industries; the cyclical nature of the oil and gas, refining and petrochemicals industries; political and social instability and unrest and actual or potential armed conflicts in the MENA region and other areas; natural disasters and public health pandemics or epidemics; the management of Saudi Aramco's growth; the management of the Company's subsidiaries, joint operations, joint ventures, associates and entities in which it holds a minority interest; Saudi Aramco's exposure to inflation, interest rate risk and foreign exchange risk; risks related to operating in a regulated industry and changes to oil, gas, environmental or other regulations that impact the industries in which Saudi Aramco operates; legal proceedings, international trade matters, and other disputes or agreements; and other risks and uncertainties that could cause actual results to differ from the forward-looking statements in this press release, as set forth in the Company's latest periodic reports filed with the Saudi Exchange. For additional information on the potential risks and uncertainties that could cause actual results to differ from the results predicted please see the Company's latest periodic reports filed with the Saudi Exchange. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which it will operate in the future. The information contained in the press release, including but not limited to forward-looking statements, applies only as of the date of this press release and is not intended to give any assurances as to future results. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the press release, including any financial data or forward-looking statements, whether as a result of new information, future events or otherwise, unless required by applicable law or regulation. No person should construe the press release as financial, tax or investment advice. Undue reliance should not be placed on the forward-looking statements.
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