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October 28, 2020 Vol. LXXV, No. 42 a weekly Saudi Aramco publication for employees CTO leads practical low Historic Saudi W Summit Keep COVID- numbers Aramco wins first place for in this carbon energy thinking down KAPSARC issue Ahmad O. Al Khowaiter joined The Women 20 (W20) Summit, As numbers rise in certain Aramco was the first place winner international experts at last week’s hosted for the first time in Saudi countries, we must take heed and of the Decorative Concrete category “Middle East and Africa Energy Arabia and sponsored by Aramco, continue taking precautions to awarded by the American Concrete Week” conference to drive for- brought women’s empowerment keep Covid-19 numbers down. Institute for excellence in the con- ward the energy industry’s low and diversity and inclusion to struction of the King Abdullah Petro- carbon agenda. center stage. leum Studies and Research Center. see pages 6 and 7 see page 2 see page 8 see page 9 Climate change and the rising demand for clean energy were lead topics discussed by president and CEO Amin Nasser at this week’s B Summit, hosted by Saudi Arabia. see page 3 AI: The new normal Company at the forefront of Artificial Intelligence revolution see page 5 By wearing a face mask in 2020 we hope to make 2021 face mask free. wear a face mask October 28, 2020 the arabian sun 2 company news Historic Saudi W Summit seeks to inspire, empower women The Women 20 (W20) meeting was hosted virtually in Riyadh as an integral part of the Kingdom’s Group of 20 (G20) presidency by Eamonn Houston Described as an “engagement group,” the W20 was set up in 2015 and functions Participants at the W20 Riyadh — The Women 20 (W20) Summit, independently. Attendees represented G20 meeting spoke hosted for the first time in Saudi Arabia and member countries, including Argentina, on a number sponsored by Aramco, brought women’s Australia, Brazil, Canada, China, France, of issues, empowerment and diversity and inclusion Germany, India, Indonesia, Italy, Japan, Re- including to center stage. The summit, held virtually public of Korea, Mexico, Russia, Saudi Ara- gender equality. on Oct. 21-22, drew influential women and bia, Turkey, the U.K., the U.S., and the Eu- Aramco played men from around the world to speak and ropean Union. a major role in advocate for gender equality. Aramco’s Di- its success. versity & Inclusion (D&I) Division was privi- During Saudi Arabia’s presidency, the W20 leged to play a pivotal role in its success, sought to ensure that gender issues were hosting the highest attended parallel session brought to the center of G20 discussions. and supporting the event on multiple levels. Topics covered at the W20 summit included the policy changes needed to promote the empowerment of women globally in the empowerment key areas of financial, digital, labor, decision had the highest attendance of any session wide range of issues to support women in The G20 is a forum for international eco- making, and entrepreneurial inclusion. at the W20. the workplace and to raise awareness with- nomic cooperation and brings together in the company on the value of achieving the leaders of both developed and devel- gender parity. oping countries from every continent. Its commitment role model members account for around 80% of the Saudi Aramco’s prominent participation Speaking afterwards, Siyam said, “Our Three important takeaways: world’s economic output and three-quar- in the W20 reflects the company’s ongoing goal at Saudi Aramco is to become a glob- ters of international trade. Throughout the commitment to diversity, empowerment, al role model for diversity and inclusion. We • “Empathy is Empowerment”: The year, representatives from G20 countries and inclusion. can achieve this by fostering inclusive envi- COVID-19 pandemic has altered the global gather to discuss pressing financial and so- ronments and deploying initiatives that em- landscape and leadership has changed as re- cioeconomic issues. During the summit, Saudi Aramco host- power women, such as the Leading Nation- sult. Organizations that emphasized empa- ed a panel session under the banner “Em- al Academy, and encouraging educational thy with their employees have yielded posi- powering Women: A Practical Approach,” opportunities for women in Science, Tech- tive results in productivity and engagement. moderated by Reema H. Siyam, Aramco’s nology, Engineering, Arts and Mathematics head of D&I. Expert panelists included Ju- (STEAM).” • Involve women in decision making: dith Michelle Williams, SVP, People Sustain- The economic and global health crisis has ability and chief D&I Office at SAP; Dr. Mary impacted women disproportionately, and Meaney, senior partner and leader of Global high-level Aramco engagements greater female representation in decision Organization Practice at McKinsey and Com- Saudi Aramco was a key player in the making will speed recovery from the pan- pany; and Dr. Maria Angelica Pérez, global W20 over the entire year, not just the sum- demic-induced economic downturn. head of D&I at Standard Chartered Bank. mit, with consistent involvement in events such the W20 “Virtual Majlis” hosted by • Promote female role models: Pro- The panelists explored practical ways to Al Nahda Society, Aramco’s W20 Internal moting and highlighting female role models empower women and men through tested Launch Webinar, and the National Dialogue are key to advancing women and empow- methodologies and covered a wide range series. ering them in the Kingdom’s economy. All Dr. Thoraya Obaid chairs the W20, which was of issues from the current COVID-19 pan- sectors have a responsibility to ensure that set up in 2015 with representatives from G20 demic to digital inclusion and “leading These events allowed Aramco the op- their role models are as diverse as the work- countries. with empathy.” The Saudi Aramco session portunity to advise on and contribute to a force itself is. Law Organization named IFLR’s Middle East Corporate In-House Team of the Year On Oct. 14, the International Financial “I am very proud of my team, and of ly so — in my opinion — as an exemplary the transaction, Aramco and the Public In- Law Review (IFLR) publication granted course, what the company was able to transaction in the region and in the world, vestment Fund (PIF) filed for and obtained the company’s Law Organization the Cor- achieve last year. The Law organization is given its massive scale and the innovative antitrust pre-notification clearances in 21 porate In-House Team of the Year in the unique in the region in terms of the depth groundwork that it took to pull it off. The international jurisdictions prior to Aramco Middle East Award. In addition to winning of talent and expertise and this award is acquisition of a majority stake in SABIC acquiring PIF’s 70% interest in SABIC on the Corporate In-House Team of the Year a testament to the company’s great mile- is a huge one as well, requiring extensive June 16, 2020. award, both the initial public offering (IPO) stones and achievements this past year, regulatory clearance and due diligence in and the SABIC acquisition transactions and to Law’s efforts in supporting those numerous jurisdictions in a remarkable The legal team’s tireless work ethic and were recognized as Deals of the Year for achievements, including the IPO. The short period of time.” ingenuity in preparing for and conduct- their respective categories. team was able to support the company in ing the record-setting IPO and the SAB- achieving all these major milestones con- The Saudi Aramco IPO was the largest IC acquisition have been appreciated by IFLR is a leading financial law publication currently, and sometimes, at compressed initial public offering in history. The IPO company stakeholders as well as external in Europe, the U.S. and Asia, providing the timeframes,” said senior vice president involved several innovations — never be- parties. IFLR’s announcement stated that global financial community with legal mar- and general counsel, Nabeel A. Al Man- fore seen in the region — implemented there is “little doubt that Saudi Aramco ket intelligence, as well as highly reputa- sour. over the course of nearly 4 years of exten- had a transformational year,” and that the ble and closely monitored rankings of law sive legal work leading up to the listing. company’s legal team “implemented inno- firms and lawyers. IFLR’s awards recognize He also described what the award While the SABIC acquisition is expected to vations that defined legal developments legal innovations in cross-border transac- means to the company and what it took enhance Aramco’s presence in the glob- relating to regulations for hydrocarbons, tions, and are presented following months to win it. “The award is the ‘cherry on top’ al petrochemicals industry, the sector is capital markets, shareholders, compa- of research and careful deliberation by the for a year full of triumphs and milestones. expected to record the fastest growth in ny and corporate law, public concession publication’s editors and journalists. The IPO has been widely hailed, and right- oil demand in the years ahead. As part of agreements, and tax rules.” the arabian sun October 28, 2020 company news 3 Aramco deepens focus on climate actions, CEO tells B summit • Decarbonization is at core of climate strategy • Produce more energy with less carbon by Scott Baldauf Through a year of challenges, including the COVID-19 pandemic and an economic slowdown, Aramco has remained commit- ted to producing more energy with less car- bon emissions. This was the message from Aramco president and CEO Amin Nasser at the B20 Summit, hosted by Saudi Arabia in Riyadh on Oct.
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