Oil & Gas Still Essential Despite Global Energy Transition: Saudi Aramco CEO

The In-Kingdom Total Value Add, or IKTVA, has kicked off on Monday in Dhahran, highlighting the oil giant’s role in boosting local opportunities in Saudi Arabia. The three-day forum, held at the Dhahran Expo Center in the Kingdom’s Eastern Province, will feature opportunities for businesses who are “committed to boosting local content within the Saudi energy economy.”

Aramco’s CEO Amin Nasser opened the event with a keynote speech on the importance of IKTVA, especially amid the global energy transition. He said oil and gas will remain essential despite the global energy transition, highlighting a “lack of investments” in the sector. “We have to back up our sustainability goals with investments,” he added. Yasir Al-Rumayyan, chairman of Aramco, is also addressing the event. Saudi Energy Minister Prince Abdulaziz bin Salman and the governor of the Eastern Province, Said bin Nayef, are also set to speak.

Launched in 2015, the IKTVA program set out Aramco’s drive to increase domestic value creation as part of the Kingdom’s ambitious economic transformation objectives. “The most important measurement of success is the impact that IKTVA is having on people’s lives; creating jobs, encouraging learning, expanding career options, and enhancing the Saudi business environment,” according to the event’s website. The event ends on Jan. 26.