VIDEO: Amin Nasser discusses robust financials
President and CEO notes introduction of performance linked-dividends offers an attractive value proposition to our investors and shareholders.
In the first six months of this year, Aramco’s performance was robust as we maintained our low coast of production and continued to meet the needs of our customers with our high level of reliability.
Our growth strategy also remains very much on track. Looking back, we continued to generate strong earnings and cash flow in the second quarter and through the first half.
In addition to maintaining our sustainable and progressive-based dividend, we have also shared our intention to introduce performance-linked dividends.
This offers an attractive value proposition to our investors and shareholders.
We continue to invest in our upstream business, including efforts to further reduce our relatively low upstream carbon intensity, and we are accelerating the expansion of our downstream and chemicals business.
In March, we broke ground on the $7 billion Shaheen petrochemical project in Korea with our affiliate S-Oil. In China, we signed agreements for two multi-billion dollar petrochemical investments, one with Rongsheng and the other is the Huajin-Aramco joint venture.
And in Kingdom, we moved forward with the $11 billion expansion of the SATORP petrochemical complex together with TotalEnergies.
In the retail segment, we completed the acquisition of Valvoline global products business.
Looking ahead, our mid- to long-term view remains unchanged; we believe the world will continue to need oil and gas for the foreseeable future, and it is necessary for an orderly energy transition.
And at Aramco, we are taking a pragmatic approach as we continue to think in decades, not quarters.