According to various reports, Saudi Aramco has introduced a $1.5 billion fund to support an inclusive global energy transition. Saudi officials are of the view that investing in conventional resources is of utmost importance since the switch to hydrocarbons could take decades. Read the entire article to learn more about this news piece. 
About the fund
“The current transition plan is flawed honestly. It is not really delivering. What we need is an optimal, realistic transition plan,” Aramco CEO Amin Nasser told a business forum, where he announced the new fund managed by Aramco Ventures.
“We need to realize that today alternatives are not ready to shoulder a heavy load of the growing energy demand and therefore we need to work in parallel until alternatives are ready.”
While the global economy faces a “very difficult six months”, Jadaan said, the outlook for Gulf oil producers was “very good” and remain so for the next six years.
“In the region… we are investing as much in conventional energy but also investing in climate change initiatives,” he added.
Saudi Finance Minister Mohammed al-Jadaan told the FII gathering that thinking around the global energy transition has “now became more realistic that actually transition will take… possibly 30 years”, and that conventional resources remained important to ensure the security of supply.
Saudi Arabia is the largest exporter of oil in the world, therefore any mistake made from their side in this field could lead to disastrous changes for the whole world to bear. The country has warned of low investment in fossil fuels while production is not so much and the demand is getting higher despite the economic meltdown taking place in the world right now.
About Saudi Aramco
For people who do not know anything about Saudi Aramco, it is the largest oil producer in the world. The company’s main focus is on maximizing its income through the sale of oil. The company plans on remaining the best oil producer in the world thereby increasing the importance of Saudi’s energy sector. The company makes a significant contribution to Saudi’s income and therefore is extremely important to the country. The company, through its work, aims to create new opportunities for the people of Saudi Arabia. The company also aims to become one of the largest employers so that it can play a role in improving the living standard of people. Therefore, the company is always on the lookout for people who are willing to work hard and with efficiency.
