French oil major TotalEnergies has said that the company can thrive in a changing energy market. The global brand recently revealed that success is inevitable because it provides both renewable power and oil and gas to help nations meet their economic goals.
Speaking at Saudi Arabia’s annual Future Investment Initiative summit, CEO Patrick Pouyanne shared that TotalEnergies is already working on building a 400 megawatt solar plant in the Kingdom.
According to him, the oil firm’s refining and petrochemical projects have aided Saudi Arabia’s Vision 2030 plan to increase renewables and diversify the economy.
He stated that the goal alignment is possible because TotalEnergies fully understands Saudi Arabia’s national objectives.
“All this is possible because we fundamentally understand what are the national objectives of the kingdom.
We have to be more local, we have to understand deeply what are the requirements to deepen those local partnerships, and this is what we have done,” he said.
Pouyanne further noted that his company plans to build a $11 billion petrochemical complex in Saudi Arabia as an expansion of the Satorp refinery it co-owns with state-backed Saudi Aramco.
He concluded by saying that the Saudi Kingdom’s dream of building cars in the near future can be easily achieved with TotalEnergies’ value chain.
“The Kingdom owns the upstream assets and we are there to bring more value.
I know His Excellency has a dream that one day we can build cars in the Kingdom, but to build cars we need to have all the value chain, including the chemicals to make tires,” he added.
