Saudi Aramco: Record Profits and Plans for the Future
2023 was the second most successful year in history for Saudi Aramco, with net income reaching $121.3 billion. However, compared to 2022, it decreased by a quarter due to falling oil prices.
Despite this, the Saudi company is not slowing down. Amin Nasser, CEO of Saudi Aramco, announced plans to increase renewable energy production. By 2030, the company aims to generate 12 gigawatts of energy from the sun and wind.
Diversification: Lithium as the “New Gold”
In addition to “green” energy, the Gulf countries are actively investing in lithium mining. This metal is a key component in the production of batteries, which means its role in the development of the electric vehicle industry will only grow.
Saudi Aramco and ADNOC: Lithium Extraction from Brine
The national oil companies of Saudi Arabia and the UAE have already achieved significant success in this area. They plan to extract lithium from brine on their own fields.
“Weaning off the Oil Needle”: Economic Diversification
The Gulf monarchies, which have grown rich on oil, have long realized that the future lies with other energy sources. The decline in oil revenues is only pushing them to diversify their economies.
Investing in the Future: Gas and Lithium as New Sources of Prosperity
Gas and lithium are not just the “new gold”, but also the key to sustainable development and prosperity for the Gulf countries in the 21st century.
