• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 8 mins Oil prices going down
  • 10 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 10 hours Two Koreas Agree To March Together At Asian Games
  • 1 hour When will oil demand start declining due to EVs?
  • 9 hours Oil and Trade War
  • 1 hour Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 2 hours Sell out now or hold on?
  • 34 mins Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 10 mins What If Canada Had Wind and Not Oilsands?
  • 2 mins Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 57 mins venezuala oil crisis
  • 5 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 10 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 14 hours Australia mulls LNG import
  • 2 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 7 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
Azerbaijan’s Pipeline Conundrum

Azerbaijan’s Pipeline Conundrum

Azerbaijan’s European pipeline project is…

Iran Warns North Korea About The United States

Iran Warns North Korea About The United States

As the excitement from the…

Aramco: Mass EV Adoption Still Decades Away

EV

Though electric vehicles are gaining popularity worldwide, Saudi Aramco CEO Amin Nasser believes that the new cars will not compose a significant portion of on-road vehicles for decades, according to a new interview with CNBC.

"Electric vehicles will continue to grow,” Nasser said. “They will take good market share, but it will be decades before they shoulder a significant percentage of the energy mix."

Still, the rise of fuel-efficient cars could wipeout crude consumption equal to Iran annual output by the year 2025, analysis by Barclays shows.

Aramco is currently investing in research and development to devise new ways to use crude oil as international demand falls.

"The chemical business grows at about 3 percent, much more than the growth of the transport sector. What can we do to grow that even further by identifying a new usage?" he said.

Saudi Aramco has had to refute reports that it may delay the listing of 5 percent of its shares in what is expected to be the biggest initial public offering ever, with Nasser telling CNBC in an interview that the IPO is on track for the second half of 2018, as planned.

“We have always said that we will be listing in 2018, and to be more specific, in the second half of 2018,” the CEO said. “The IPO is on track. The listing venue will be discussed and shared in due course.”

The venue of the possible international listing has also been subject of much talk in recent weeks. Aramco plans to list 5 percent of the company on the Saudi Arabian market and on one or more international stock exchanges. Saudi officials have claimed that the company is worth $2 trillion, which, they assume, could mean getting close to $100 billion from listing 5 percent.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • TM on October 25 2017 said:
    LOL...Aramco has ZERO credibility to predict what will happen in the EV market. They will never accept that a tsunami is coming, because it would destroy their value as a company and KSAs country risk would skyrocket. Before that happens they need to convince as many fool investors as they can to jump in their sinking boat. In 2018 we will know who these fools are (If there are any at all)

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News