Aramco is a unique company which is the only one in the world which funds 86% percent of their country’s budget. No other energy sector entity in the world can come any closer to them in sheer size. However the history has proven time and again that change is the only constant. So, even though Aramco enjoys being the world leader in crude oil production even after 80 years of dominance, they have a task ahead of them to maintain their lead in the decades to come. This paper offers the perspective on the challenges Aramco is facing and their vision and initiatives to address them. The cornerstone of their strategy moving forward is based on the triad in the areas of: * To be the fully Integrated Energy & Chemicals company across value chain * Expand in Natural Gas, Oil refining and Chemicals Operations with planned $200 Bn USD additional investments in the coming decade. * Secure future beyond oil and gas
They have been steadily covering the entire value chain through joint ventures, partnerships and forays into new areas. * Their Upstream dominance in crude oil includes the exploration and production assets of * Their Midstream presence includes pipelines and tankers fleet. * Their Downstream presence and major expansion includes refineries at Saudi Arabia is a rapidly developing country with a population of about 27.6 million people in 2007, including about 5.6 million non-nationals, according to the CIA World Fact Book (www.cia.gov/library/publications/the-world-factbook/). It has an oil-based economy with strong government controls over major economic activities. It possesses about one-fifth of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more...
Saudi Aramco: Annual Review 2012:
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