DOCSLIB.ORG

Saudi Aramco Annual Report 2020 Has Certain Borrowings Where the Reference Rate Is Linked to LIBOR

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Saudi Aramco Annual Report 2020 Has Certain Borrowings Where the Reference Rate Is Linked to LIBOR ResilienceResilience andand agilityagility SaudiAnnual Aramco Report Annual 2020 Report 2020 Resilience and agility Aramco’s exceptional past belongs to its future. Our people define our success. Energy has been running in our DNA for generations. We are proud of what we accomplished during 2020. Once again, our resilience shone through. We delivered on our shareholder commitments. And we continued to deliver an uninterrupted supply of energy to the world. Our resilience and agility has built one of the world’s largest integrated energy and chemicals companies. And we are part of the global effort toward building a low carbon economy. Our horizon has never been clearer. This Annual Report covers financial and operational aspects of Aramco from January 1, 2020 to December 31, 2020, and is issued in both Arabic and English. The print version is identical to its PDF counterpart, which is available at aramco.com. The Arabic version prevails in the event of any discrepancy. The images in this document are representative of the services provided by Aramco. Some photos may have been taken prior to the COVID-19 pandemic. Wherever possible, sustainable printing techniques were used. 01 Contents Aramco Risk Chairman’s message ...................................06 Risk management........................................ 92 President and CEO’s foreword ...................08 Risk factors ...................................................94 History .......................................................... 10 1 2020 highlights ............................................ 12 5 Aramco’s operations ................................... 14 Corporate governance Board of Directors ..................................... 108 Business model ............................................ 18 Senior Executives .......................................112 Board structure.......................................... 116 6 Audit Committee report ........................... 120 Business overview and strategy Risk and HSE Committee report ............... 122 Business overview ....................................... 24 Nomination Committee statement .......... 123 2 Market overview ......................................... 28 Compensation Committee statement ...... 124 Strategy ........................................................ 29 Compensation and other interests ........... 125 Governance, risk and compliance ............ 129 Results and performance Key 2020 metrics ......................................... 36 Additional financial CFO’s message ............................................ 38 and legal information 3 Financial performance ................................40 Additional financial information .............. 134 Upstream .....................................................48 7 Reserves information ................................ 141 Downstream ................................................ 58 Regulation of the oil and gas industry in the Kingdom ......................................... 142 Corporate .....................................................68 Additional legal information .................... 147 Forecasts and forward-looking statements ................................................. 160 Environmental, social Terms and abbreviations .......................... 161 and governance Glossary ..................................................... 163 Our approach to sustainability ................... 72 4 Corporate oversight .................................... 73 Climate change............................................ 74 Minimizing environmental impact ............. 78 Consolidated financial Accelerating human potential ................... 82 statements Growing societal value ............................... 86 Independent auditor’s report ................... 168 8 Consolidated statement of income .......... 176 Consolidated statement of comprehensive income ........................ 177 Consolidated balance sheet ..................... 178 Consolidated statement of changes in equity ................................. 179 Consolidated statement of cash flows ..... 180 Notes to the consolidated financial statements .................................. 181 The information contained in Sections 1 – 7 of this Annual Report constitutes our Board of Directors’ report. King Salman bin Abdulaziz Al-Saud The Custodian of the Two Holy Mosques His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al-Saud Crown Prince, Deputy Prime Minister and Minister of Defense of the Kingdom of Saudi Arabia 04 Aramco Chairman’s message ...................................06 President and CEO’s foreword ...................08 History ......................................................... 10 2020 highlights............................................ 12 Aramco’s operations ................................... 14 Business model ............................................ 18 Khurais oil facility Aramco, throughout its facilities since 1the 1980s, has used renewable energy to produce oil and gas, and to reserve hydrocarbon resources for better economic use. Aramco | Annual Report 2020 Saudi Aramco 05 06 Chairman’s message We remain focused on sustaining the strength, scale, and efficiency of our operations and ensuring the continuity of a vital and reliable energy supply to our customers around the world Dear Shareholders, In this respect, Aramco took a major step in 2020 by completing its largest ever acquisition with the $69.1 billion purchase In a time of unprecedented global of a 70% stake in Saudi Basic Industries economic uncertainty due to the Corporation (SABIC). As the integration COVID-19 pandemic, Aramco displayed continues, SABIC offers a complementary exceptional resilience by continuing to presence in terms of geography, projects, deliver value to our shareholders and partners, enhancing Aramco’s throughout 2020. position in the petrochemical sector. Despite the volatile and weaker market 2020 saw significant achievements in our environment, Aramco once again gas business as we continued to expand reported solid earnings and cash flows for our production and processing capacities. the full year while demonstrating ongoing In addition, the issuance in November operational agility. The Company also of our Senior Unsecured Notes — which maintained a robust balance sheet ranged from 3 to 50 years in maturity — through a highly disciplined approach was a further reflection of investor to capital allocation. The events of 2020 served confidence in Aramco’s future story. In fulfilling previously stated intentions, Looking ahead, our focus is on more than to shine a spotlight on we delivered SAR 281 billion ($75 billion) just generating ongoing value for our in dividends for the year by declaring Aramco’s ability to deliver shareholders — it is also on our ability four quarterly dividends of approximately to continue creating value for society. SAR 70 billion ($18.75 billion). As a result, on its commitments across Against this backdrop, we recognize that we believe we will pay out the largest environmental, social and governance both economic and oil total annual dividend of any publicly (ESG) factors are a rising priority for listed company anywhere in the world price cycles.” investors today, including for many for 2020. of our shareholders. Advancing our business It is worth noting, however, that long Although markets tend to think in before the term ‘ESG’ was first coined quarters, we continue to think in decades. in the investment community, many We remain focused on sustaining the of these considerations were already strength, scale, and efficiency of our an integral part of Aramco’s approach operations and ensuring the continuity to business. Indeed, our Company has of a vital and reliable energy supply to a legacy of safety and corporate our customers around the world. While responsibility that we continue to build working to mitigate the immediate upon. For example, in the area of impacts of the COVID-19 pandemic on environmental stewardship, Aramco our operations, we are not allowing this has long used advanced technologies short-term disruption to distract us and field methodologies to produce oil, from our longer-term goals. 07 Aramco | Annual Report 2020 Aramco recognizes that environmental, social and governance (ESG) factors are a rising priority for investors today. Saudi Aramco helping us achieve one of the lowest Maintaining strong governance Expressing our appreciation upstream carbon intensities of any Our first full year as a publicly listed On behalf of the entire Board, I would international oil company. We also company led to a number of historic like to take this opportunity to thank believe that oil and gas, supported by milestones in 2020, including our all the men and women of Aramco technological innovations, will prove to inaugural post-IPO Ordinary General for their extraordinary contributions be essential in achieving an orderly global Assembly Meeting, our first post-IPO during the past year amidst a very energy transition. And we will continue earnings call with the investor community, challenging environment. I also want to seek ways to leverage innovation to and the first public issuance of our annual to express our gratitude to our further reduce our emissions. report and quarterly interim reports. shareholders as well as our customers, partners, suppliers, contractors, and We also recognize that for the world to During 2020, we also welcomed one new the communities where we operate, achieve net-zero carbon emissions
Load more

Recommended publications
  • SAMREF Refinery Embraces Wireless Applications, Sets Foundation for Site-Wide Onewireless Network Infrastructure
    Case Study SAMREF Refinery Embraces Wireless Applications, Sets Foundation for Site-wide OneWireless Network Infrastructure “Wireless seemed like the natural answer to our immediate need for mobile video monitoring and Honeywell was the right partner because of its broad range of products and solutions and its field- proven track record in the areas of security, reliability and professional support." Mr. Azam L. Al-Hakeem, Information Technology Superintendent, SAMREF Background Benefits SAMREF is a joint venture between Saudi Arabian Oil Company The Wireless solution allows SAMREF to enhance their incident (Saudi Aramco) and Mobil Yanbu Refining Company Inc., a management procedures and rescue operations resulting in wholly owned subsidiary of Exxon Mobil Corporation. Saudi improved employee safety. Deployment of industrial video Aramco is the world’s largest oil producing and exporting cameras over the wireless network enables remote coverage of company with a history dating back more than 80 years. Exxon the refinery site from roaming vehicles. This allows SAMREF to Mobil Corporation is a global energy company which conducts record safety and security incidents, compare them with previous business in 140 countries on every continent throughout the incidents and keep a video record of near misses. By providing world. The SAMREF refinery complex in Yanbu, Saudi Arabia the refinery Incident Commander with a direct view of real-time produces approximately 400,000 barrels of product daily streaming video from the vehicle he is able to make faster including gasoline, heating oil, LPG, jet fuel and other energy decisions during crisis situations while reducing his dependency products. The Yanbu operation is said to be the most on the control room.
    [Show full text]
  • 23Rd WPC Announces Innovation Zone Special Feature Invites Innovators to Share Their Transformative Ideas That Will Impact the Future of Energy
    FOR IMMEDIATE RELEASE 23rd WPC Announces Innovation Zone Special feature invites innovators to share their transformative ideas that will impact the future of energy HOUSTON, TX (August 4, 2021) — The 23rd World Petroleum Congress Organizing Committee has announced the launch of the Innovation Zone, a captivating new feature on the exhibition floor of the Congress, which will take place in-person in Houston from December 5-9, 2021 at the George R. Brown Convention Center. The Innovation Zone, presented by ConocoPhillips, will provide startup companies an international platform to showcase cutting-edge practices and solutions to combat the current challenges of the energy industry and bring awareness to progressive energy solutions available on the market today. “For more than a century, innovation has enabled our industry to keep pace with the growing demand for safe and reliable energy,” said W. L. (Bill) Bullock, Jr., EVP and CFO, ConocoPhillips. “ConocoPhillips is pleased to be the Innovation Zone presenting sponsor, where companies will showcase innovations that can propel our industry’s purposeful journey through the energy transition and into the future.” Thirty-two selected startup companies and individuals will have the opportunity to pitch their innovative energy tools, technologies and practices on stage to Congress delegates and participants, who will then pick one to receive the Energy Innovator Award. The Innovation Zone is open to all for-profit energy companies, private entities and individuals operating as independent
    [Show full text]
  • Saudi Aramco Mobil Refinery
    SAUDI BASIC INDUSTRIES CORPORATION (SABIC) AND ITS SUBSIDIARIES (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 AND INDEPENDENT AUDITOR’S REPORT SAUDI BASIC INDUSTRIES CORPORATION (SABIC) AND ITS SUBSIDIARIES (A Saudi Joint Stock Company) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2018 INDEX Pages Independent auditor’s report - Consolidated statement of financial position 7 – 8 Consolidated statement of income 9 Consolidated statement of comprehensive income 10 Consolidated statement of changes in equity 11 – 12 Consolidated statement of cash flows 13 – 14 Notes to the consolidated financial statements 15 – 108 SAUDI BASIC INDUSTRIES CORPORATION (SABIC) AND ITS SUBSIDIARIES (A Saudi Joint Stock Company) NOTES TO THE CONSOLIDATED STATEMENTS For the year ended 31 December 2018 (All amounts in Saudi Riyals ‘000 unless otherwise stated) 1. Corporate information Saudi Basic Industries Corporation (“SABIC” or “the Parent”) is a Saudi Joint Stock Company established pursuant to Royal Decree Number M/66 dated 13 Ramadan 1396H (corresponding to 6 September 1976) registered in Riyadh under commercial registration No. 1010010813 dated 14 Muharram 1397H (corresponding to 4 January 1977). SABIC is 70% owned by the Government of the Kingdom of Saudi Arabia (“KSA”) and 30% by the private sector. The registered office is located at Qurtubah district, P.O. Box 5101, Riyadh 11422, KSA. SABIC and its subsidiaries (collectively the “Group”) are engaged in manufacturing, marketing and distribution of chemicals, polymers, high performance plastics, agri-nutrients and metal products in global markets. The consolidated financial statements of the Group for the year ended 31 December 2018 were authorised for issue in accordance with a resolution of the Board of Directors on 12 March 2019.
    [Show full text]
  • Saudi Aramco Overview
    Saudi Aramco Overview Saudi Aramco’s oil operations encompass the Kingdom of Saudi Arabia, including territorial waters in the Arabian Gulf and the Red Sea. Totalling more than 1.5 million square kilometres, this area is larger than the combined areas of Texas, California, Oklahoma and Utah, or of France, Spain and Germany. Most production comes from fields in the coastal plains of the Eastern Province in an area extending 300 kilometres north and south of Dhahran. Saudi Arabia Reserves of conventional crude oil in company-managed fields total about 260.1 billion barrels. In 2009, Saudi Aramco completed a multi-year, Saudi Aramco Benefits multiple mega-project program and raised its maximum sustainable crude oil production capacity to 12 million barrels per day. Basic Provisions of the Annual Vacation Plan Saudi Aramco has a multinational workforce consisting of 54,000 Personal Effects Shipment employees from over 50 nations, ensuring exposure to experienced professionals from around the world. Saudi Aramco Compensation Saudi Aramco Communities Saudi Aramco is headquartered in Dhahran, in Saudi Arabia’s Eastern province. BAYSIDE PERSONNEL | Engineering & Construction Recruitment www.baysidepersonnel.com.au Climate Saudi Aramco Temperature Benefits Classified as having a hot desert climate (Köppen: BWh), temperatures during the summer months are Saudi Aramco provides a highly extremely hot, approaching 50°C competitive benefits package for (122 °F) occasionally. The average international employees working in high temperature in July is 44°C Saudi Arabia on the global payroll. (111 °F). Winters are warm with cold, These include: windy nights. Monthly Benefits The overall climate is arid, and the Supplement city experiences very little rainfall, This is an monthly cash payment especially in summer, but receives a provided to finance individual fair amount of rain in March and April.
    [Show full text]
  • National Oil Companies: Business Models, Challenges, and Emerging Trends
    Corporate Ownership & Control / Volume 11, Issue 1, 2013, Continued - 8 NATIONAL OIL COMPANIES: BUSINESS MODELS, CHALLENGES, AND EMERGING TRENDS Saud M. Al-Fattah* Abstract This paper provides an assessment and a review of the national oil companies' (NOCs) business models, challenges and opportunities, their strategies and emerging trends. The role of the national oil company (NOC) continues to evolve as the global energy landscape changes to reflect variations in demand, discovery of new ultra-deep water oil deposits, and national and geopolitical developments. NOCs, traditionally viewed as the custodians of their country's natural resources, have generally owned and managed the complete national oil and gas supply chain from upstream to downstream activities. In recent years, NOCs have emerged not only as joint venture partners globally with the major oil companies, but increasingly as competitors to the International Oil Companies (IOCs). Many NOCs are now more active in mergers and acquisitions (M&A), thereby increasing the number of NOCs seeking international upstream and downstream acquisition and asset targets. Keywords: National Oil Companies, Petroleum, Business and Operating Models * Saudi Aramco, and King Abdullah Petroleum Studies and Research Center (KAPSARC) E-mail: [email protected] Introduction historically have mainly operated in their home countries, although the evolving trend is that they are National oil companies (NOCs) are defined as those going international. Examples of NOCs include Saudi oil companies that have significant shares owned by Aramco (the largest integrated oil and gas company in their parent government, and whose missions are to the world), Kuwait Petroleum Corporation (KPC), work toward the interest of their country.
    [Show full text]
  • List of Candidates for Membership of the Board for the Next Session Starting
    List of candidates for membership of the Board for the next session starting from 10/3/2021 to 09/03/2024 (for three years) Sr. Candidate Name Capacity Notes 1 Mr. Abdulsalam Bin Abdulrahamn Alaqil Non-executive In charge of legal entity (Boroj Co.) 2 Eng. Saleh Bin Mohamed Alhabib Non-executive In charge of legal entity (Boroj Co.) 3 Mr. Ahmed Bin Abdulrahaman Al Mousa Non-executive In charge of legal entity (Almousa Co.) 4 Mr. Mohamed Bin Abdul Mohsen Alzakary Non-executive In charge of legal entity (Alzakri Co.) 5 Dr. Abdul Rahamn Bin Mohamed Al Borak Independent Personally 6 Dr. Soliman Bin Ali Alhudiaf Independent Personally 7 Mr. Nasar Bin Sharf Al-Sheriff Independent Personally 8 Mr. Hathal Bin Saad Al- Otaibi Executive Company CEO 9 Ms. Heike Lieb-Wilson Independent Personally 10 Mr. Abu Bakr Salem Ba’abad Independent Personally 11 Mr. Ahmed Khedr Abdullah Albaqshi Independent Personally 12 Dr. Mariae Saad Habash Independent Personally 13 Mr. Ahmed Tarek Morad Independent Personally 14 Mr. Ahmed Ibrahim Mohamed Higan Independent Personally 15 Mr. Tawfiq Bin Soliman Bin Abdul Aziz Independent Personally Almoqit 16 Mr. Thamer Mosafer Awad Alwadai Independent Personally 17 Mr. Khalid Bin Abdullah Al-Othman Independent Personally 18 Mr. Khaled Abdul Rahman Ali Khudairi Independent Personally 19 Mr. Khaled Nasser Al-Nuwaiser Independent Personally 20 Mr. Dkhyl Naqi Almutayri Independent Personally 21 Mr. Suleiman Abdul Aziz Al-Zabin Independent Personally 22 Mr. Talal bin Othman Al-Muammar Independent Personally 23 Mr. Abdullah Abdul-Aziz Abdullah Al Mishaal Independent Personally 24 Mr. Abdul Wahhab Musab Abu Kwik Independent Personally 25 Mr.
    [Show full text]
  • Saudi Aramco 2020 Results: Full Financials
    Saudi Arabian Oil Company Consolidated financial statements forResilience the year ended December and agility 31, 2020 Annual Report 2020 01 Independent auditor’s report to the shareholders of Saudi Arabian Oil Company Report on the audit of the consolidated financial statements Our opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Saudi Arabian Oil Company (the “Company”) and its subsidiaries (together the “Group”) as at December 31, 2020, and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards, that are endorsed in the Kingdom of Saudi Arabia, and other standards and pronouncements issued by the Saudi Organization for Certified Public Accountants (SOCPA). What we have audited The Group’s consolidated financial statements comprise: • the consolidated statement of income for the year ended December 31, 2020; • the consolidated statement of comprehensive income for the year ended December 31, 2020; • the consolidated balance sheet as at December 31, 2020; • the consolidated statement of changes in equity for the year ended December 31, 2020; • the consolidated statement of cash flows for the year ended December 31, 2020; and • the notes to the consolidated financial statements, which include significant accounting policies and other explanatory information. Basis for opinion We conducted our audit in accordance with International Standards on Auditing, that are endorsed in the Kingdom of Saudi Arabia. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report.
    [Show full text]
  • Saudi Arabia 2019
    Saudi Arabia 2019 Saudi Arabia 2019 1 Table of Contents Doing Business in Saudi Arabia ...................................................................................................................................... 5 Market Overview ....................................................................................................................................................... 5 Market Challenges ..................................................................................................................................................... 6 Market Opportunities ................................................................................................................................................ 8 Market Entry Strategy ............................................................................................................................................... 9 Political Environment................................................................................................................................................... 10 Selling US Products & Services .................................................................................................................................... 11 Agents and Distributors ........................................................................................................................................... 11 Establishing an Office .............................................................................................................................................
    [Show full text]
  • Ground-Breaking of Jazan Economic City- MMC in US$3 Billion
    FOR IMMEDIATE RELEASE GROUND-BREAKING OF JAZAN ECONOMIC CITY: MMC IN US$3 BILLION ALUMINIUM SMELTER AND US$2 BILLION POWER DEAL Jazan, 24 November 2007 – MMC International Holdings Limited and Saudi Binladin Group (SBG) today signed an Agreement with Aluminum Corporation of China Limited (Chalco) to develop, own and operate an aluminium smelter at Jazan Economic City (JEC) which will cost an estimated US$3 billion and have an annual production capacity of approximately one million metric tons. The plant will be developed by Sino-Saudi Jazan Aluminum Limited, which will be jointly owned by Chalco (40%), MMC (20%) and a Saudi consortium including SBG (40%). This definitive Agreement follows the signing of a preliminary MOU on 4 October to establish the smelter at JEC. This Agreement was among a series of six agreements and MOUs signed today at JEC’s ground- breaking ceremony which witnessed the laying of the foundation stone of the project’s marketing complex, marking the beginning of construction work. The ceremony was inaugurated by HRH Prince Mohammad Bin Abdulaziz, Governor of Jazan, in the presence of Saudi Arabian General Investment Authority (SAGIA) Governor Amr Al-Dabbagh, Ir. Abdullah Mohammad Al-Qarni, Mayor of Jizan, as well as local and foreign dignitaries. This major milestone comes within a year of JEC’s launch in November last year by the Custodian of the Two Holy Mosques, King Abdullah bin AbdulAziz AlSaud. The Governor of SAGIA, H. E. Amr Al-Dabbagh said, “We are very pleased with the overall progress of JEC, which has commenced construction within one year of its launch.
    [Show full text]
  • Saudi Aramco Q1 2021 Interim Report
    2021 Saudi Aramco First quarter interim report For the period ended March 31, 2021 Saudi Aramco 1 First quarter interim report 2021 Aramco at a glance First quarter 2021 Financial highlights Net income EBIT* Free cash flow* Net cash provided by (billion) (billion) (billion) operating activities (billion) SAR 81.4 SAR 153.7 SAR 68.5 SAR 99.3 $21.7 $41.0 $18.3 $26.5 Capital expenditures Dividends paid Dividends paid ROACE* (billion) (billion) per share (%) SAR 30.8 SAR 70.33 SAR 0.35 14.2 $8.2 $18.75 $0.09 Gearing* Earnings per share Average realized (%) (basic and diluted) crude oil price ($/barrel) 23.0 SAR 0.39 60.2 $0.10 * Non-IFRS measure: refer to Non-IFRS measures reconciliations and definitions section for further details. 2 Saudi Aramco First quarter interim report 2021 Key results CEO’s statement Financial results President and CEO Amin H. Nasser First quarter ended March 31 The momentum provided by the global economic recovery has SAR USD* strengthened energy markets, and Aramco’s operational All amounts in millions unless flexibility, financial agility and the resilience of our employees otherwise stated 2021 2020 2021 2020 have contributed to a strong first quarter performance. For our Net income 81,440 62,478 21,717 16,661 customers we remain a supplier of choice, and for our EBIT 153,680 128,258 40,982 34,202 shareholders we continue to deliver an exceptional quarterly Capital expenditures 30,750 27,740 8,200 7,397 dividend. Free cash flow 68,549 56,327 18,279 15,021 We made further progress towards our strategic objectives Dividends paid 70,325 50,226 18,753 13,394 during the quarter and our portfolio optimization program ROACE1 14.2% 26.3% 14.2% 26.3% continues to identify value creation opportunities, such as the Average realized crude oil recent announcement of our landmark $12.4 billion pipeline price ($/barrel) n/a n/a 60.2 51.8 infrastructure deal.
    [Show full text]
  • China and the Oil Price War: a Mixed Blessing
    CHINA AND THE OIL PRICE WAR: A MIXED BLESSING BY ERICA DOWNS, ANTOINE HALFF, DAVID SANDALOW AND ERIN BLANTON MARCH 2020 The oil price war started this month by Russia and Saudi Arabia is good news for the Chinese economy, which has been reeling from the coronavirus. After all, China is the world’s largest crude oil importer. The savings in oil import costs will be significant. Yet the economic benefits to China will be limited by several factors, including lack of consumer demand due to the lingering effects of coronavirus disruptions. In addition, lower oil prices could make it more difficult for the Chinese government to meet its energy security and environmental goals, which have received considerable priority from Chinese leaders in recent years. The oil price war will also make it more difficult for China to hit the targets set out in the US-China Phase 1 trade deal signed in January. In sum, lower oil prices will deliver significant benefits for China, but are likely to be somewhat of a mixed blessing. Economic Impacts The Chinese economy sustained an enormous blow from the coronavirus in the first two months of 2020. Industrial production dropped 13.5%, retail sales dropped 20.5% and fixed asset investments dropped 24.5% as compared to the same period the prior year.1 As of this writing, official GDP figures are still pending. Against this backdrop, the oil price collapse will deliver some welcome relief to China’s economy as it recovers from the coronavirus. In 2019, China imported roughly 10.2 million barrels per day (bpd) of oil.2 At that level of imports, the plunge in the price of Brent crude from $67 per barrel in December 2019 to roughly $25 per barrel at the time of this writing would reduce China’s oil import bill by $428 million per day—about 1% of GDP—for as long as the price war lasts.
    [Show full text]
  • Saudi Government Concludes Purchase of Aramco Professional
    11/15/2016 1980s 1980s 1980 Saudi government concludes purchase of Aramco The government increases its participation interest in Aramco's crude oil concession rights, production and facilities to 100%, with retroactive financial effect to 1976. Professional Development Program (PDP) established In its first year, the Professional Development Program (PDP) enrolls 400 employees. The program initially enrolls some expatriates but soon shifts its focus to encompass only Saudis. Enrollment in the program fluctuates throughout the decade, peaking at 910 in 1987. The Aramco communities grow quickly in the early 1980s. 1981 Data processing begins at EXPEC Computer Center Data processing begins at the EXPEC (Exploration and Petroleum Engineering Center) Computer Center, one of the world's largest geoscience computing facilities. Scholarships for women We provide the first scholarships to female employees to study at overseas universities. Al­Hasa Farm begins operations The company's 300­acre al­Hasa Demonstration Farm cultivates 15 new varieties of vegetables and becomes home to new fish and agriculture farming projects. The Exploration and Petroleum Engineering Center is the first facility of its kind in the Middle East. 1982 East­West Pipelines completed Two pipelines are completed, linking oil production facilities in the Eastern Province with Yanbu' on the west coast. One line transports natural gas liquids (NGL) from Shedgum and the other delivers crude oil from Abqaiq. The two pipelines are the most advanced computer­monitored hydrocarbons pipelines ever built. http://www.saudiaramco.com/en/home/about/history/1980s.html 1/4 11/15/2016 1980s Company halts production at Well No. 7 The discovery well, Dammam No.
    [Show full text]