DAMMAM, 19 July — Petroleum and Mineral Resources Minister Ali Al-Naimi has highlighted the significant role being played by Saudi Aramco in maintaining oil market stability by ensuring adequate supplies. He commended the company’s flexible approach in dealing with its clients.
“By honoring its commitments and obligations Saudi Aramco has attained international status as a symbol of reliability, efficiency and professionalism,” the minister said in a forward to the company’s annual review.
The report underscored the company’s achievements over the past year, especially in the areas of drilling, excavation, drilling, refining and distribution as well as in its international operations.
Al-Naimi, who is also chairman of Saudi Aramco, emphasized Saudi Arabia’s desire to stabilize international oil market and protect the interests of both producers and consumers. He described the Kingdom’s huge production capacity as “one of the key and effective factors guiding its oil policy.”
Abdullah Juma, the company’s chief executive, said Saudi Aramco’s magnitude required a wide range of skills, expertise and a unique blend of talents in order to perform all its tasks. He said all of the company’s employees had contributed to its progress last year and helped it achieve the highest production and marketing levels.
The company, the report said, announced the discovery of new gas fields in Manjura, Ghazal, Niban, Hawiya and Mazalij last year. It also expanded its gas processing plants to meet future demand as new gas installations were completed at Othmaniya and Berri gas plants.
The report said the company completed construction of a major pipeline which linked the Master Gas System with its main gas supply network in Riyadh, enabling three electricity power plants in the capital to use gas in place of oil for power generation.
“In line with the government’s instructions, Saudi Aramco switched all domestic refineries to unleaded gasoline production,” the report said, adding the move reflected the company’s longstanding commitment to a cleaner and safer environment.
Aramco’s subsidiary, Vela International Marine Ltd., initiated a program to build four very large crude carriers and earned ISO 9002 accreditation for its international ship management and operations.
Also last year, the Aramco Gulf Operations Company, another subsidiary, took over the Kingdom’s 50 percent stake in the Arabian Oil Company following the expiration of the Japanese firm’s offshore drilling concession in the former Saudi-Kuwaiti Neutral Zone.
Saudi Aramco topped a list of 120 major international companies prepared by the prestigious industry journal Petroleum Intelligence Weekly for the 12th straight year last year, the report pointed out.
