Saudi Aramco CEO Amin Nasser said that the company’s production capacity would be fully restored by the end of September. The Abqaiq and Khurais plants were targeted in an attack which took 5.7mn barrels per day of crude offline, leading to a spike in oil prices.
Production at Khurais resumed 24 hours after the attack, and Abqaiq’s production is at 2mn barrels per day, with its full capacity expected to be restored by the end of the month.
“These synchronised attacks were timed to create maximum damage to our facilities and operations,” Nasser said in a Jeddah news conference. “The rapid response and resilience demonstrated in the face of such adversity shows the Company’s preparedness to deal with threats aimed at sabotaging Aramco’s supply of energy to the world.”
As Saudi Aramco prepares for a local initial public offering followed by an international listing, its ability to deal with such threats has come into the spotlight as a factor that could significantly impact its valuation.
“Not a single shipment to an international customer has been or will be missed or canceled as a result of these attacks,” Nasser said. “We have proven that we are operationally resilient and have confirmed our reputation as the world’s leading supplier. The company has met its commitments to its International customers, even in challenging situations, including past Gulf conflicts.”
He noted that the company adjusted its deliveries by drawing on its inventories and offering crude from other fields. When asked about the IPO, he noted that “we are ready and will proceed with the IPO when our shareholder takes the decision.”
