Aramco, ADNOC and others are placing multibillion-dollar wagers on the energy transition
, the national oil company, is one of the world’s top hydrocarbon producers. Two months ago thehosted some 140,000 delegates at the planet’s largest oil-and-gas jamboree. Against the backdrop of the worst energy crisis in decades, you might have expected much gloating about how the Persian Gulf’s carbon-spewing exports helped avert a bigger shock. That made the keynote address by Sultan Al Jaber, the’s minister of industry, all the more remarkable.
This is worth scrutinising, because the firms behind the effort matter beyond their region. National energy companies in other parts of the world look to the Gulf behemoths, and especially toand Saudi Aramco, the Arab kingdom’s oil colossus, as examples to emulate. Where two of the world’s biggest energy firms go technologically and strategically, their state-run peers elsewhere often follow.
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