Remarks by Amin H. Nasser at the 2022 IKTVA Forum and Exhibition

Ladies and gentlemen, as I’m sure everyone here knows – IKTVA is a program that is very dear to my heart.

Over the years, I’ve spoken of IKTVA’s progress and its challenges. Of obstacles and opportunities. …

Of the value of resilience.

But more than words, the Covid pandemic has proven beyond any doubt the true value of a “Made in KSA” supply chain.

In fact, this is the second time we have witnessed this in real-time.

First, following the attacks on Abqaiq and Khurais. … Where the quick response of our supply chain enabled a rapid recovery that surprised the world.

And now, with a pandemic that is not yet behind us, we see the resilience we have created play out over years … not just days or weeks.

In many ways, IKTVA has weathered storm after storm, and it continues to prove that its structure is sound. …

Its foundation is strong.

Our progress to-date proves this.

But ladies and gentlemen, history will not judge us by the quality of the foundation we have built.

Many years from now, it will ask, “Does the structure still stand?”

“Did they finish what they started?”

I am here today to tell you that we must finish what we have started.

Because the stakes have never been higher.

I know the past two years have been extremely difficult … and put tremendous pressure on your businesses. … From the oldest and the largest companies, to the youngest start-ups.

But I want you to understand the crucial role you play … in the future of billions around the world who depend on this industry, and on Aramco.

We know that energy is the lifeblood of modern civilization.

And as the energy transition unfolds, oil and gas will remain essential in many ways. …Yet, this is not the popular narrative … which is built on un-realistic assumptions.

We are already seeing signs of an energy crisis in some parts of the world due to lack of investments.

Let me be very clear.

Aramco will never compromise on our reliability …

Because we will never back down from our responsibility.

In our deepest DNA, we honor a commitment to the billions around the world who depend on us.

And to “walk the talk” of words like “sustainability” and “reliability” and “responsibility” – you have to back that up with investment. …

You have to deliver on what you started.

Just look at our progress with unconventional gas at Jafurah – with an estimated 200 trillion standard cubic feet of gas in place. … Many doubted us.

Or in crude-to-chemicals, or non-metallic materials, or innovations in fuels and lubes and engine technology.

Or how we are working at the cutting edge of the Fourth Industrial Revolution.

But by any measure – and in any ambition – Aramco is only as strong as our supply chain.

So, we need IKTVA partners who share our sense of responsibility … and are equally ambitious about the future. …

And for those rising to meet the challenge, there are significant opportunities.

At the Forum this year, you will learn of more than 180 investment opportunities across 12 sectors to bridge a market gap of 15-billion dollars annually.

But we must also share a commitment to constant innovation.

In 2021, Aramco was among the Top-50 companies and universities in the world being granted U.S. patents. Five years ago, we were not even in the Top-300.

And innovation must extend through every link of the supply chain.

As you know, the Kingdom has announced its goal of Net-Zero greenhouse gas emissions by 2060. And Aramco has committed to achieve Net-Zero by 2050.

IKTVA partners must share our passion for sustainability and strengthen ESG performance.

At the same time, cyber-resilience is required to withstand one of our most serious threats.

So, IKTVA is incorporating both ESG and Cybersecurity domains to ensure we work as a true ecosystem. …

Because if there is one thing I am absolutely certain of …

It is that, regardless of what the future holds … we are stronger when we stand together.

Ladies and gentlemen, although IKTVA remains a “work-in-progress” … it is also work that has made tremendous progress.

I wish to thank His Excellency, Yasir Al-Rumayyan, and the members of Aramco’s Board of Directors for their unwavering support of IKTVA every step of the way.

Additionally, His Royal Highness Prince Abdulaziz bin Salman, Minister of Energy, his Ministry team, and all those within the government who are determined to make Saudi Arabia one of the brightest examples of localization in the 21st century.

With their support, we must work harder to finish what we have started.

With a foundation of localization …

And resilience as our blueprint …

We are building an ecosystem of critical importance.

One that will strengthen the resilience and diversification of the Kingdom’s economy …

And one that will ensure we meet our responsibility to the world, and the billions who depend on us.

For all these reasons, we must craft it with care. …

With the belief that generations from now, what we are building will still be standing strong.

Let us work together, and finish what we have started.

Thank you, and I wish you a wonderful Forum.