Annual Meeting 2024

[M138-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:24 · Annual Meeting 2024 · 2024-03-05 · مشاهدة عند هذا التوقيت

Good morning um excellencies ladies and gentlemen distinguished guest I would like to thank you! My dear friend Lorenzo chairman and CEO Baker Hughes for the kind invitation to speak to you and your good guests at your annual meeting and I really express my regret that I can't be with you all in person in this beautiful City of Florence. Now I'm full of serious commotion about not being with you in Florence. I think Loreno knows very well along with some of my Italian friends that I cherish every single minute of my stay in not only in Florence but also in Tuscany, especially Florence which I really call it and I don't want to be upsetting to many of my Italian friends, but I I also call it the city of nobility. It's where you see art, where you see universities where you see history and where you see Serenity. It has been a joyful thing for me that I go there sometimes, if I can in April where I enjoy the good weather and the good walk by the river and crossing the rivers and see all of the beauty of Florence before me. It's also an egarian City where everybody can enjoy the whole city regardless what creed what religion and what history they may came from uh I still believe that I am more of a Tuscany person. I know that I will be displeasing so many but here you go I'm known for being so transparent and so forth right and forthcoming and I speak my mind. In this case I'm only sharing uh with you my emotions so as my relationship ship with Baker Hughes and it's not just mine it's the whole country Baker Hughes has been involved in the energy industry of Saudi Arabia for more than 80 years and that time has been proved to be a true partner in the Kingdom to development as a key player in the global energy Market. Most recently Baker Hughes signed a purchase order with Saudi ARAMCO for the procurement of 17 gas compression trains for the master gas system phase three project and I assure you more to come and will soon launch the Saudi Petrolite Chemical Project in a joint venture with d a company that is partially owned by PIF, ARAMCO, SABIC.

[M138-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:19 · Annual Meeting 2024 · 2024-03-05 · مشاهدة عند هذا التوقيت

I look forward to this event in the company of Lorenzo and his colleagues in Jubail February 11th. We're grateful for that enduring commitment and for your partnership and support in the building of local energy supply chain in the Kingdom. Baker Hughes which employs nearly 3,000 people in the Kingdom has been a significant driver of the development of energy workforce and a big investor in s in Saudi energy infrastructure. You have been a true Ally in the Kingdom Central aim the transformation of the Saudi economy and Society in line with the vision 2030 diversification strategy. In energy partnership with Baker Hughes has been a vital in helping us achieving our main goal in the energy field to remain a reliable supplier of secure affordable and sustainable energy for the world as one of the leading international supplier of energy we are conscious that we bear an enormous responsibility the continued economic growth of the world and livelihood of everyone in it depends on maintaining secure reliable energy supply chains. External events like the attack on the kingdom energy facilities in September 2019 or the saddle decline in demand after the covid pandemic struck in 2020 have required exceptional measures. We always come through for the good of the global oil market and the global economy. Saudi Arabia and its part have always been proactive preemptive in support for the stability of the oil market. We believe that the health and security of international oil Market is not the responsibility of Saudi Arabia alone but also the duty of oil players in the global oil market. At the recent CB 28 Summit in the UAE it became evident that achieving sustainable and meaningful Global change require coordinated and collaborative efforts.

[M138-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:32 · Annual Meeting 2024 · 2024-03-05 · مشاهدة عند هذا التوقيت

In addition, the Kingdom of Saudi Arabia has taken a significant step to build a more sustainable future by launching the Saudi Green Initiative combining energy transition and sustainability program to achieve its comprehensive goal offsetting and reducing greenhouse gas emissions. Also increasing the use of clean energy abatement and removal technology in the Kingdom and sustained reduction in greenhouse gases emission for combating climate change in a just orderly and Equitable energy transition that ensure the world can achieve the ambitions set by the Paris agreement. As a nation we have shown we are leaders not only in the efficient production of energy supply but also in the mining and manufacturing of those mineral resources that will be essential to a successful and fair energy transition. The expertise of our international partners with Baker Hughes prominent among them is invaluable asset in this pursuit. We extend a warm welcome to you inviting your continued engagement in this significant endeavor I firmly believe that the supplier forum taking place during this event is a vital platform for deliberating on Saudi Arabia energy supply chain ecosystem and investment opportunities. I would like to take this opportunity to encourage all suppliers to meet the Ministry of Energy and the Saudi Energy Industry team to explore more about energy supplier development opportunities. I would certainly wish you all successful and profitable annual forum and I look forward to welcome you in the Kingdom at your earliest opportunity. I still would like to ask my good friend Lorenzo can you make the Forum next year somewhere in April as it is the best month to be in Florence and to be in Tuscany, unless it is your worry that if you host it in April nobody's going to sit and discuss things but everybody will be just out exploring the beautiful City of Florence and engaging with the most humane most welcoming citizen of Florence. Thank you again!