2019 RPME Power 50: Amin H Nasser, president and CEO, Saudi Aramco, ranked No. 1

2019 RPME Power 50: Amin H Nasser, president and CEO, Saudi Aramco, ranked No. 1
Published: 9 December 2019 - 4 a.m.
By: Martin Menachery
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 signing a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia, in a private transaction for $69.1bn.

In another significant development, Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining’s 50% interest of the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for $631mn. Completion follows receipt of all necessary regulatory consents. The acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy.

In August 2019, Saudi Aramco agreed to acquire 20% stake in the oil-to-chemicals business of India’s Reliance Industries for $15bn. Saudi Aramco and Reliance Industries (RIL) have agreed to a non-binding letter of intent (LoI) regarding a proposed investment in the oil-to-chemicals (O2C) division comprising the refining, petrochemicals and fuels marketing businesses of RIL. Saudi Aramco’s potential 20% stake is based upon an enterprise value of $75bn for the O2C division. This would be one of the largest foreign investments ever made in India.

Saudi Aramco and RIL have a long-standing crude oil supply relationship of over 25 years. Saudi Aramco is the world’s largest and lowest cost-per-barrel producer of crude oil, is geographically close to India, and offers a wide range of crude supply options. To date, it has supplied approximately two billion barrels of crude oil for processing at RIL’s refinery at Jamnagar.

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. He 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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