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Saudi Arabian Oil Group
Saudi Aramco
Native name
شركة الزيت العربية السعودية
Company typePublic(mostlystate-owned)
Tadawul:2222
ISINSA14TG012N13Edit this on Wikidata
IndustryOil and gas
Founded29 May 1933;91 years ago(29 May 1933)(asCalifornia-Arabian Standard Oil)
FounderStandard Oil of California(at the behest of theSaudi government)
HeadquartersDhahran,Saudi Arabia[1]
Area served
Worldwide
Key people
Products
RevenueIncreaseUS$535.188 billion (2022)[2]
IncreaseUS$305.087 billion (2022)[2]
IncreaseUS$161.068 billion (2022)[2]
Total assetsIncreaseUS$664.780 billion (2022)[2]
Total equityIncreaseUS$444.306 billion (2022)[2]
OwnerGovernment of Saudi Arabia(90.19%)[3][4]
Public Investment Fund(4%)
Sanabil (4%)[5]
Number of employees
70,496[2](2022)
SubsidiariesSABIC(70%),Petro Rabigh,SATORP, Aramco Trading,Yanbu,Yasref, SASREF,S-Oil,Luberef, Aro Drilling, South Rub al-Khali, Pengerang Refining Company, The International Maritime Industries
Websitearamco

Saudi Aramco(Arabic:أرامكو السعوديةʾArāmkū as-Suʿūdiyyah), officially theSaudi Arabian Oil Groupor simplyAramco(formerlyArabian-American Oil Company), is a state-ownedpetroleumandnatural gascompany that is thenational oil companyofSaudi Arabia.[6][7]As of 2022,it is the second-largest company in the world by revenue[8]and is headquartered inDhahran.Saudi Aramco has both the world's second-largest proven crudeoil reserves,at more than 270billion barrels(43 billion cubic metres),[9]and largest daily oil production of all oil-producing companies.[10][11][12]It is the single greatest contributor toglobal carbon emissionsof any company in the world since 1965.[13]

Saudi Aramco operates the world's largest single hydrocarbon network, the Master Gas System. In 2013, its crude oil production total was 3.4 billion barrels (540 million cubic metres), and it manages over one hundred oil and gas fields in Saudi Arabia, including 288.4trillionstandard cubic feet (scf)ofnatural gasreserves. Along theEastern Province,Saudi Aramco most notably operates theGhawar Field(the world's largestonshore oil field) and theSafaniya Field(the world's largestoffshore oil field).[14]

On 11 December 2019, the company's shares commenced trading on theTadawul stock exchange.The shares rose to 35.2Saudi riyals,giving it a market capitalization of aboutUS$1.88 trillion,[15]and surpassed the US$2 trillion mark on the second day of trading.[16]

History

[edit]
Dammam No. 7struck oil in 1938, becoming the first commercial oil well inSaudi Arabia.

Saudi Aramco's origins trace to the oil shortages ofWorld War Iand the exclusion of American companies fromMesopotamiaby the United Kingdom and France under theSan Remo Petroleum Agreementof 1920.[17]The US administration had popular support for an "Open Door policy",whichHerbert Hoover,secretary of commerce, initiated in 1921.Standard Oil of California(SoCal) was among those US companies seeking new sources of oil from abroad.[18]

The Saudi Arabian government granted a concession to SoCal in preference to a rival bid from theIraq Petroleum Company.[19]The concession allowed SoCal to explore for oil in Saudi Arabia. SoCal assigned this concession to a wholly ownedsubsidiary,California-Arabian Standard Oil (CASOC). In 1936, with the company having had no success at locating oil, theTexas Company(Texaco) purchased a 50% stake of the concession.[20]After four years of fruitless exploration, the first success came with the seventh drill site inDhahranin 1938, a well referred to asDammam No. 7.[21]This well immediately produced over 1,500 barrels per day (240 m3/d), giving the company confidence to continue. On 31 January 1944, the company name was changed from California-Arabian Standard Oil Co. to Arabian American Oil Co. (orAramco).[22]In 1948,Standard Oil of New Jersey(later known as Exxon) purchased 30% andSocony Vacuum(later Mobil) purchased 10% of the company, with SoCal and Texaco retaining 30% each.[23]The newcomers were also shareholders in the Iraq Petroleum Co. and had to get the restrictions of theRed Line Agreementlifted in order to be free to enter into this arrangement.[24]

Aramco compound in Saudi Arabia, 1954

In 1949, ARAMCO had made incursions into theEmirate of Abu Dhabi,leading to aborder disputebetween Abu Dhabi and Saudi Arabia.[25] In 1950,King Abdulazizthreatened tonationalizehis country's oil facilities, thus pressuring Aramco to agree to share profits 50/50.[26]

A similar process had taken place with American oil companies inVenezuelaa few years earlier. The American government granted US Aramco member companies atax breakknown as thegolden gimmickequivalent to the profits given to King Abdulaziz. In the wake of the new arrangement, the company's headquarters were moved from New York to Dhahran.[27]In 1951, the company discovered theSafaniya Oil Field,the world's largest offshore field. In 1957, the discovery of smaller connected oil fields confirmed theGhawar Fieldas the world's largest onshore field.[14]

In 1975, the Saudi Arabia second five-year economic plan included a Master Gas Plan. Natural gas would be used to generate power, rather thanflaring the gas.The plan counted on using theassociated gas,but by 1985, Aramco was able to include a billionstandard cubic footper day (Bscfd) of non-associated gas. This non-associated gas was produced from the KuffFormation,which is alimestonelayer 650 metres (2,130 ft) below the oil producing Arab Zone. In 1994, Aramco discovered more non-associated gas in the deeper Jawfsandstoneformation, and built plants in Hawiyah andHaradhto process it. This increased the capacity of the Master Gas System to 9.4 billion scfd.[28]: 98–100, 104, 129–130, 229 

Yom Kippur War

[edit]

In 1973, following US support for Israel during theYom Kippur War,the Saudi Arabian government acquired a 25% "participation interest" in Aramco's assets. It increased its participation interest to 60% in 1974 and acquired the remaining 40% interest in 1976. Aramco continued to operate and manage the former Aramco assets, including its concessionary interest in certain Saudi Arab oil fields, on behalf of the Saudi Arab Government until 1988. In November 1988, aroyal decreecreated a new Saudi Arab company, the Saudi Arabian Oil Company, to take control of the former Aramco assets (or Saudi Aramco)[29]and took the management and operations control of Saudi Arabia's oil and gas fields from Aramco and its partners. In 1989–90, high-quality oil and gas were discovered in three areas south of Riyadh: the Raghib area about 77 miles (124 km) southeast of the capital.[30]

Persian Gulf War

[edit]

In September 1990, after the start of thePersian Gulf War,Aramco was expected to replace much of the oil production removed from the global market due to the embargo of Iraq and occupied Kuwait. This amounted to producing an extra 4.8 million barrels per day (Mbpd) to keep the global oil market stable. In addition, Aramco was expected to provide all of thecoalitionaviation and diesel needs. Aramco recommissioned 146 Harmaliyah,Khurais,and Ghawar oil wells with associatedgas oil separation plants,and saltwater treatment pipeline, that had beenmothballedduring the 1980s oil price collapse. Daily production increased from 5.4 Mbpd in July to 8.5 Mbpd in December 1990 after a three-month de-mothball effort.[28]: 125, 135, 148–149, 155–156 

Starting in 1990, Aramco embarked on an expansion of crude oil sales in the Asian market. Agreements withSouth Korea,thePhilippines,and China resulted. By 2016, about 70% of Aramco's crude oil sales were to Asia.[28]: 168, 176, 184–185 

2000s

[edit]

In May 2001, Saudi Arabia announced the Gas Initiative, which proposed forming three joint ventures with eightIOCsfor gas exploration on pure upstream acreage. Core Venture 1 included south Ghawar and northRub' Al-Khali,Core Venture 2 included theRed Sea,while Core Venture 3 involvedShaybahand Kidan. In 2003,Royal Dutch ShellandTotalEnergiesformed a partnership with Saudi Aramco in Core Venture 3. In 2004, Core Venture 1 became three separate joint ventures with Saudi Aramco holding 20%, one withLukoil,a second withSinopec,and a third withRepsol.[28]: 228–232 

By 2004, Aramco was producing 8.6 million barrels per day (mbpd) out of a potential 10 mbpd. In 2005, Aramco launched a five-year plan to spend US$50 billion to increase their daily capacity to 12.5 mbpd by increasing production and refining capacity and doubling the number of drilling rigs.[28]: 241–242 

In 2005, Saudi Aramco was the world's largest company with an estimated market value of US$781 billion.[31]

In June 2008, in response to crude oil prices exceeding US$130 a barrel, Aramco announced it would increase production to 9.7 million barrels per day (mbpd). Then as prices plummeted, Aramco stated in January 2009, that it would reduce production to 7.7 mbpd.[28]: 265–267 

In 2011, Saudi Aramco started production from the Karan Gas Field, with an output of more than 400 million scf per day.[32]

In January 2016, the Deputy Crown Prince of Saudi Arabia,Mohammad bin Salman Al Saud,announced he was considering listing shares of the state-owned company, and selling around 5% of them in order to build a largesovereign wealth fund.[33]

On 26 April 2017, Saudi security forces thwarted an attempted attack on an Aramco oil distribution center involving an unmanned boat from Yemen.[34]

The Wall Street Journalreported in September 2018, Aramco was considering a US$1 billion venture-capital fund to invest in international technology firms.[35]

In June 2019, a report byFinancial Timesclaimed that Aramco had been bearing the ministry-related expenses; boosting the finance ministry budget allocation. It also included Energy MinisterKhalid Al Falih’s company-related and diplomatic trips, as well as his stays in luxurious hotels. However, an ally mentioned that Falih’s policies have delivered additional oil revenues that far exceeded his expenses.[36]

In September 2019, Saudi Arabia appointedYasir Al-Rumayyanas the Chairman of Aramco. Al-Rumayyan became head of the country’s sovereign wealth fund by replacingKhalid Al-Falih,who was holding the position since 2015.[37]

2012 cyber attack

[edit]

Aramco computers were attacked by a virus on 15 August 2012.[38][39]The following day Aramco announced that none of the infected computers were part of the network directly tied to oil production, and that the company would soon resume full operations.[40]Hackers claimed responsibility for the spread of the computer virus.[41]The virus hit companies within the oil and energy sectors.[42][43]A group named "Cutting Sword of Justice" claimed responsibility for an attack on 30,000 Saudi Aramco workstations, causing the company to spend months restoring their services.[38]The group later indicated that theShamoonvirus had been used in the attack.[44]Due to this attack, the main site of Aramco went down and a message came to the home page apologizing to customers.[45]Computer security specialists said that "The attack, known as Shamoon, is said to have hit" at least one organization "in the sector. Shamoon is capable of wiping files and rendering several computers on a network unusable."[43]Richard Clarkesuggests the attack was part of Iran's retaliation for the US involvement inStuxnet.[46]Security researcherChris Kubecka,who helped the company establish security after the attack, detailed the level of sophistication in her Black Hat USA 2015 presentation[47][48]and episode 30 of Darknet Diaries.[49]

2019 drone attack

[edit]
See also:Abqaiq–Khurais attack

On 14 September 2019, there was a drone attack on two Saudi Aramco plants:[50]theAbqaiqoil processing facility andKhurais oil field.[51]Houthi rebels[52]claimed responsibility for the attack.[53][54]The attack cut 5.7 million barrels per day (bpd) of Saudi crude output, over 5% of the world's supply.[55]There were discussions by Saudi Arabian officials on postponing Aramco's IPO, because the attacks "sidelined more than half of the kingdom's output" of oil.[56]

2019 initial public offering (IPO)

[edit]

Since around 2018, Saudi Arabia had been considering to put a portion of Saudi Aramco's ownership, up to 5%, onto public trading via a stagedinitial public offering(IPO), as to reduce the cost to the government of running the company. While the IPO had been vetted by major banks, the IPO was delayed over concerns of Aramco's corporate structure through 2018 into 2019.[57]The September 2019 drone attacks on Aramco's facilities also delayed the onset of the IPO.[58]

On 9 April 2019, Aramco issued bonds collectively valued at US$12 billion.[59]Its first international bond issue received more than US$100 billion in orders from foreign investors, which breaks all records for a bond issue by an emerging market entity.[60][61][59]

Aramco announced on Sunday 3 November 2019 its plan to list 1.5% of its value as an IPO on theTadawul stock exchange.[62][63]

On 9 November 2019, Saudi Aramco released a 600-page prospectus giving details of the IPO. According to the specifications provided, up to 0.5% of the shares were locked for individual retail investors.[64]

On 4 December 2019, Saudi Aramco priced its offering at 32Saudi riyals(approximately US$8.53 at the time) per share. The company generated subscriptions of total amount equals US$119 billion representing 456% of total offer shares. It raised US$25.6 billion in its IPO, making it the world's largest IPO, succeeding that of theAlibaba Groupin 2014.[65]The company commenced trading on Tadawul on 11 December 2019, with shares rising 10% to 35.2 riyals, giving the company a market capitalization of about US$1.88 trillion, and making Saudi Aramco the world's largest listed company. The entire Tadawul has a market capitalization of US$2.22 trillion.[66][67]

Global Medium Term Note Programme

[edit]

According to a bourse filing made by Aramco, the likes ofGoldman Sachs,HSBC,Morgan Stanley,JPMorgan,and NCB Capital were hired by the company for organizing investor calls prior to the planned transaction. The document published by one of the other banks said to be involved in the deal showed that the deal included BNP Paribas, MUFG, BofA Securities, SMBC Nikko, First Abu Dhabi Bank, Societe Generale, and BOC International. The company has reported a fall in the net profit of its third-quarter for November 2020, due to increased crude prices and a drop in its demand following the COVID-19 pandemic.[68][69]

2020s

[edit]

On 10 March 2020 Saudi Aramco announced a global partnership withFormula Onelanding a multi-year deal.[70]

On 17 June 2020, Saudi Aramco acquired a 70% share inSABIC,a chemicals manufacturing company.[71][72]

In June 2020, Saudi Aramco laid off nearly 500 of its more than 70,000 employees, as global energy firms reduced their workforce due to theCOVID-19 pandemic.Most of the workers who lost their job at Aramco were foreigners.[73]

On 31 July 2020, Saudi Aramco lost its title as the world’s largest listed company by market capitalization toApple.[74]

On 9 August 2020, Saudi Aramco reported a 50% fall in net income for the first half of its financial year, as demand for oil and prices continued to fall due to thecoronavirus crisis.[75]

On 3 November 2020, Saudi Aramco reported a 44.6% drop in third-quarter net profit amid the COVID-19 pandemic.[76]

On 14 December 2020, Saudi state TV announced that an oil tanker carrying over 60,000 metric tons of unleaded gasoline from an Aramco refinery at Yanbu, had been attacked by a smaller boat rigged with explosives.[77]

In March 2021, Saudi Aramco announced that earnings in 2020 fell by nearly 45% compared with 2019, as lockdowns around the world following theCOVID-19 pandemic curbed demand for oil.[78]

On 19 March 2021, an Aramco refinery was attacked by six bomb-laden drones.[79]The attack, which was claimed by Houthi rebels, started a fire but caused no injuries or damage, according to the official Saudi Press Agency.[80]

On 21 March 2021, Saudi Aramco signed an agreement to secure China's energy supplies for the next 50 years, and also to develop new technologies to combat climate change.[81][82]More recently, they signed a deal with a consortium led by EIG.[83]

In July 2021, Saudi Aramco appointed formerHSBC Holdings PlcChief Executive OfficerStuart Gulliverto the company's board of directors.[84]

In October 2021, Saudi Aramco announced plans to achieve net-zero carbon emissions from its wholly-owned operations by 2060.[85]

On 20 November 2021, Houthi fighters took credit for launching 14 drones at military targets in Riyadh, Abha, Jizan, Najran, and Jeddah, and Aramco's refineries in Jeddah.[86][87]

In 2021,The Guardianreported that Aramco was not trying to diversify at the same rate as other oil companies, such as Shell and BP.[88]Rather, Aramco announced in 2021 that the company intended to increase crude capacity from 12m barrels a day to 13m barrels by 2027.[88]

In February 2022, following crude's ascent to nearly $95 per barrel, Saudi Arabia's Aramco boosted oil prices for clients in Asia, the United States, and Europe.[89]

In March 2022, Houthi fighters attacked an Aramco storage site in Jeddah causing a fire in two storage tanks.[90]The incident occurred during qualifying for the2022 Saudi Arabian Grand Prix.

On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassingApple Inc.[91]

In August 2022, Saudi Aramco announced that it would acquireValvoline'spetroleum unit for $2.65 billion.[92]

In March 2023, Saudi Aramco announced that they had seen record profits of $161 billion as prices of petrol soared following the COVID-19 pandemic. The figures eclipsed the numbers posted by ExxonMobil and Shell, who reported $55.7 and $39.9 billion in profit respectively.[93]

In March 2023, Saudi Aramco announced it was going to acquire a 10% stake in China's Rongsheng Petrochemical Co. Ltd, with an estimated purchase price of $3.6 billion, and plans to build a new refining and petrochemical complex in northeast China through a joint venture.[94]

In September 2023, it was announced that Saudi Aramco had reached an agreement with theLatin Americanprivate equity fund,Southern Cross Group to acquire theSantiago-headquartered fuel retailer, Esmax Distribución SPA, operator ofPetrobras-branded service stations in Chile. The acquisition marks Saudi Aramco's entry into theSouth Americanfuel retailing market,[95]and beginning in May 2024, the 300 Petrobras service stations in Chile will be gradually converted to Aramco service stations.[96][97]

In September 2023, Indian engineering and construction giant Larsen & Toubro (L&T) signed a contract with Saudi Aramco. The Jafoor unconventional gas development expansion project in Saudi Arabia where L&T will build a gas processing plant and major processing facilities is worth $2.9 billion.[98]

In December 2023, Saudi Aramco acquired 40% shares in Gas & Oil Pakistan for an undisclosed amount.[99]

Operation

[edit]
Exploration
Headquarters of Aramco Services Co. inHouston

Saudi Aramco is headquartered inDhahran,but its operations span the globe and include exploration, production, refining, chemicals, distribution and marketing. All these activities of the company are monitored by the Saudi ArabianMinistry of Petroleum and Mineral Resourcestogether with the Supreme Council for Petroleum and Minerals.[100]However, the ministry has much more responsibility in this regard than the council.[100]

Board of directors

[edit]

Exploration

[edit]

A significant portion of the Saudi Aramco workforce consists ofgeophysicistsandgeologists.Saudi Aramco has been exploring for oil and gas reservoirs since 1982. Most of this process takes place at theEXPEC Advanced Research Center.Originally, Saudi Aramco usedCraySupercomputers (CRAY-1M) in itsEXPEC Advanced Research Center(ECC)[101]to assist inprocessing the colossal quantity of dataobtained during exploration and in 2001, ECC decided to useLinuxclusters as a replacement for the decommissioned Cray systems. ECC installed a newsupercomputingsystem in late 2009 with a disk storage capacity of 1,050terabytes(i.e, exceeding onepetabyte), the largest storage installation in Saudi Aramco's history to support its exploration in the frontier areas and the Red Sea.[102]

Refining and chemicals

[edit]

While the company did not originally plan on refining oil, the Saudi government wished to have only one company dealing with oil production. Therefore, on 1 July 1993, the government issued a royal decree merging Saudi Aramco with Samarec, the country's oil refining company. The following year, a Saudi Aramco subsidiary acquired a 40% equity interest inPetron Corporation,the largest crude oil refiner and marketer in the Philippines. Since then, Saudi Aramco has taken on the responsibility of refining oil and distributing it in the country.[14]In 2008, Saudi Aramco sold its entire stake to the Ashmore Group, a London-listed investment group. Ashmore acquired an additional 11% when it made a required tender offer to other shareholders. By July 2008, Ashmore, through its SEA Refinery Holdings B.V., had a 50.57% of Petron's stock. Ashmore's payment was made in December 2008. In December 2008, Ashmore acquired PNOC's 40% stake. In the same month, San Miguel Corporation (SMC) said it was in the final stages of negotiations with the Ashmore Group to buy up to 50.1% of Petron. In 2010, SMC acquired majority control of Petron Corporation.

Currently,[when?]Saudi Aramco's refining capacity is 5.4 million barrels per day (860,000 m3/d) (International joint and equity ventures: 2,500 Mbbl/d (400,000,000 m3/d), domestic joint ventures: 1,900 mpbd, and wholly owned domestic operations: 1,000 Mbbl/d (160,000,000 m3/d).)[103]

Saudi Aramco's downstream operations are shifting emphasis to integrate refineries with petrochemical facilities. Their first venture into it is withPetro Rabigh,which is a joint venture with Sumitomo Chemical Co. that began in 2005 on the coast of theRed Sea.[14]In order to become a global leader in chemicals, Aramco will acquire 50% ofRoyal Dutch Shell's stake in their refiner in Saudi Arabia for US$631 million.[104]

List of refineries

[edit]

List of domestic refineries:[103]

  • Jazan Refinery and terminal projects (JRTP) (400,000 bbl/d (64,000 m3/d)), Jazan construction is ongoing.[105]
  • JeddahRefinery (78,000 bbl/d (12,400 m3/d)) Jeddah converted to product storage terminal in November 2017.
  • Ras TanuraRefinery (550,000 bbl/d (87,000 m3/d)) (includes a CrudeDistillationUnit, a Gas Condensate Unit, ahydrocracker,andcatalytic reforming)
  • The Saudi Aramco Jubail Refinery Co. (SASREF), Jubail (305,000 bbl/d (48,500 m3/d))
  • RiyadhRefinery (126,000 bbl/d (20,000 m3/d))
  • YanbuRefinery (245,000 bbl/d (39,000 m3/d))

List of domestic refining ventures:[103]

  • The Saudi Aramco Mobil Refinery Co. Ltd. (SAMREF), Yanbu (400,000 bbl/d (64,000 m3/d))
  • Petro Rabigh,Rabigh (400,000 bbl/d (64,000 m3/d))
  • Saudi Aramco Base Oil Co. (Luberef)
  • Saudi Aramco Total Refining and Petrochemical Co. (SATORP), Jubail[106](400,000 bbl/d (64,000 m3/d))
  • Yanbu Aramco Sinopec Refinery (YASREF), Yanbu (400,000 bbl/d (64,000 m3/d))

List of international refining ventures:[107]

Saudi Aramco at one point had been exploring projects in Pakistan, including a $10 billion refinery project in Gwandar[110]which has since been cancelled.[111]In 2022 it was revealed that Saudi Aramco was creating a joint venture with North Huajin Chemical Industries group to create a new company called Huajin Aramco Petrochemical Company which would develop a 300,000 bpd refining facility with ethylenesteam crackingcapabilities.[112]

Shipping

[edit]

Saudi Aramco has employed several tankers to ship crude oil, refined oil, and natural gas to various countries. It used to have its own created subsidiary company,Vela International Marine,which was merged with Bahri company, to handle shipping to North America, Europe, and Asia.[113]It is a stakeholder in theKing Salman Global Maritime Industries Complex,a shipyard that will be the largest in the world when complete.[114]

Global investment

[edit]

Saudi Aramco expanded its presence worldwide to include the three major global energy markets of Asia, Europe, and North America.[115]In April 2019, Aramco has signed a deal to acquire a 13% stake inSouth Koreanoil refinerHyundai Oilbankfor US$1.24 billion.[116][117]Moreover, on 11 April 2019, Aramco signed an agreement withPoland’s leading oil refinerPKN Orlento supply it with Arabian Crude Oil.[118]

Liquefied natural gas

[edit]

Aramco is planning to be a major producer of liquefied natural gas (LNG) in the world.[119][120]It sold its first cargo of LNG from Singapore to an Indian buyer.[119]The company is looking globally for potential joint ventures and partnerships to achieve its goal regarding LNG market.[119][120]

Saudization

[edit]

The original concession agreement included Article 23; asAli Al-Naimipointed out, this was a "key building block in the shaping of Saudi society for decades to come." It reads, "The enterprise under this contract shall be directed and supervised by Americans who shall employ Saudi nationals as far as practicable, and in so far as the company can find suitable Saudi employees it will not employ other nationals." The first company school was started in May 1940 in the Al-Khobar home of Hijji bin Jassim, company interpreter, translator and first instructor. Al-Naimi pointed out, "From the beginning, the development of Aramco was directly tied to the betterment of Saudi Arabia." Another school was located in Dhahran in 1941, and was called the Jebel School. Boys hired into entry-level positions attended at 7 AM for four hours, followed by four hours of work in the afternoon. In 1950, Aramco built schools for 2,400 students. In 1959, Aramco sent the first group of Saudi students to college in the States. In 1970, Aramco started hiring its first high school graduates, and in 1979 started offering college scholarships. In 1965, Zafer H. Husseini was named the first Saudi manager and in 1974, Faisal Al-Bassam was named the first Saudi vice president. One of the early students was Al-Naimi, who was named the first Saudi president of Aramco in November 1983. As Al-Naimi states, "The oil company committed itself to developing qualified Saudis to become fully educated and trained industry professionals." Al-Naimi acknowledgedThomas Barger's championing of Saudization, "You, of all of Aramco's leaders, had the greatest vision when you supported the training effort of Saudi Arab employees during its early days. That visionary support and effort is bearing fruit now and many executive positions are filled by Saudis because of that effort." In 1943, 1,600 Saudis were employed at Aramco, but by 1987, nearly two-thirds of Aramco's 43,500 strong workforce were Saudis. In 1988, Al-Naimi becameCEOandHisham Nazerbecamechairman,the first Saudis to hold those positions. The "pinnacle of Saudization" occurred when theShaybahoil field came on line in July 1998, after a three-year effort by a team consisting of 90% Saudis. The Aramco of 2016 still maintained anexpatriateworkforce of about 15%, so Aramco can, in the words of Al-Naimi, "be sure it is getting access to the latest innovations and technical expertise."[28]

Saudi Aramco has emitted 59.26 billion tonnes of carbon dioxide equivalent since it began operations, accounting for 4.38% of worldwide anthropogenicCO2emissionssince 1965.[121]

In a letter sent to nine international banks reportedly hired by Aramco to assist it in arranging its US$2 trillion market debut, ten environmental groups warned about the listing causing a highly possible hindrance in the effort to reducegreenhouse gas emissionsand endhuman rightsabuses committed by the Saudi regime.[122]

On 6 November 2019, Saudi Aramco joined theWorld Bank's initiative to reducegas flaringto zero by 2030. The firm reported flaring of less than 1% of its total raw gas production in the first half of 2019.[123]

Greenhouse gas emissions

[edit]

According to environmentalists Aramco is responsible for more than 4% of globalgreenhouse gas emissionssince 1965. Most of this is from the use of the oil they sold, for example burning gasoline in car engines. Ingreenhouse gas accountingsuch emissions from use of a product are called "scope 3" emissions. Aramco has no plan to limit scope 3 emissions. However the government says it will havenet zerocarbon emissions by 2060 within the country.[124]In October 2023, Saudi Aramco announced adirect air capturepilot program in partnership withSiemens Energyto be completed in 2024.[125]

Controversies

[edit]

2007 Haradh gas pipeline explosion

[edit]
Main article:2007 Haradh, Saudi Arabia gas pipeline explosion

On 18 November 2007, reports came out that a natural gas pipeline explosion had taken the lives of several workers, the death toll was later determined to be 34.[126][127]Aramco asserts it was a purely maintenance-related incident.

Organizational culture

[edit]

On 9 December 2020, the Financial Times published an article about an engineer, whose family claims that Saudi Aramco was negligent in handling his Covid-19 infection.[128]According to his family, he had been asking the company and authorities for help, three weeks before his death, but was simply asked to keep his gloves and mask on. Saudi Aramco did not formally contact his family until approximately 14 hours after his death, refused to release his body, and allegedly erased information from his mobile phone. His grieving family had to do without financial support for almost five months, and only received $400,000 in benefits, back pay and insurance after the Financial Times had started asking questions.

In the same article, five whistleblowers accuse Aramco of bullying and mismanagement.[128]One former employee expressed his concerns about the company’s highly dangerous failure to pressure-test valves and mains units, detailing cracks in the refinery structure and sinking of roads and foundations. The refinery runs a real risk of becoming Aramco'sPiper Alpha,said another expatriate employee, who also accuses Aramco of lacking a culture of challenge, facilitating ineptitude and laziness.

Treatment of workers

[edit]

In March 2020, Saudi Aramco came under fire after photos of a migrant worker dressed as a large hand-sanitizer dispenser went viral on social media.[129]People onTwittercondemned the act as "modern-day slavery," "humiliating" and "dehumanizing."[130]According to the company, the display was organized without the approval of Aramco officials.[130][131]

Strong-arming investors

[edit]

In 2019, sources told theFinancial Timesthat wealthy families ofSaudi Arabiahad been coerced into joining the Saudi Aramco IPO.[132][133]

Lobbying and research projects

[edit]

Saudi Aramco has funded almost 500 studies in last five years on energy issues and collaborated with the United States Department of Energy on projects to boost oil production, such as developing more efficient gasoline, enhanced oil recovery and methods to increase the flow of oil from wells. Since 2016, Saudi Arabia has spent around $140 million onlobbying to influence public opinionand policies in the US. In an effort to keep gasoline cars competitive, Saudi Aramco is working on a device which would trap some of the carbon dioxide upon attaching it to cars running on gasoline. Saudi Aramco has partnered with Hyundai to develop a fuel for gas-electric vehicles which will run on petroleum.[134]

See also

[edit]

References

[edit]
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Bibliography

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