Aramco CEO says SABIC resilient amid downcycle; blue ammonia talks in Korea, Japan
Global oil demand is expected to reach 105.8 million barrels per day (bpd) in 2025, he told Reuters.
Oil demand is expected to grow between 1.1 and 1.3 million bpd this year, likely hitting the upper end, Nasser said, adding that global inventories remain below the five-year average.
The CEO revealed that Aramco is in discussions on blue ammonia projects in South Korea and Japan.
CFO Ziad Al-Mursed said Aramco is focused on SABIC's transformation, adding the petrochemicals major, similar to the entire group, is undergoing restructuring of its investment portfolio.
The petrochemical industry is facing a prolonged industry downturn due to overcapacity, he added.
Speaking on Aramco's financials, Al-Murshed said the company adopted 'adjusted net income' to align with peers and improve transparency. He said both upstream and downstream units are undergoing changes, with a priority on cost reduction.
Aramco is optimizing assets by freeing up capital from low-return investments and reallocating to higher-yielding ones. Some of the reviewed assets are infrastructure-related, which, despite low returns, attract investor interest.
The company secured export credit agency-backed financing and is considering issuing bonds in different currencies and regions, as well as domestic sukuk.
According to Argaam 's data, Aramco's H1 2025 net profit, after minority interest, dropped to SAR 181.3 billion from SAR 209.5 billion in H1 2024. Q2 2025 profit stood at SAR 85.6 billion.
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