Saudi Aramco will focus on resilience-building amid an ever turbulent oil market, according to the oil giant’s chief executive officer Khalid Al-Falih.
In a letter to his employees, Al-Falih said that 2014 was a year of many accomplishments for Aramco, but did not fail to address the challenges of falling oil price during its second of half.
“The market remains volatile, and I know that this uncertainty has been unsettling for many of you and your families.
“I therefore want to assure you that while we have responded by making short-term adjustments and strictly adhering to our principles of fiscal discipline, these actions are designed to further strengthen our resilience to withstand this short- to mid-term turbulence,” he said addressing his employees.
The oil boss added that as well as focusing on resilience building under healthy market and financial conditions, Saudi Aramco will be “anticipating the inevitable down cycles and shocks”.
Saudi Arabia’s oil major also revealed its new brand positioning represented by the tagline “where energy is opportunity”.
Aramco’s chief executive officer said that in line with their new moto, “the market volatility not only poses challenges, but offers some opportunities as well”.
Al-Falih said: “There is the potential to execute our projects at lower costs, as investment deferrals by others cause suppliers and service providers to lower prices; the opportunity to hire the expertise we need, as others lay off employees or defer hiring; and the potential to attract third-party investment in the support infrastructure we want to build in the Kingdom, while conserving our own capital”.
“We will certainly take advantage of any opportunities that might advance our long-term objectives and strategies, as we always have,” he added.
Last year Aramco successfully added eight new fields through its exploration division.
Its Manifa crude program neared completion, while Shaybah’s production capacity was expanded from 750, 000 bpd to 1mn bpd.
Al-Falih praised the company’s progress in its unconventional gas program, Wasit Gas Program and Shaybah NGL, which, he said, are aimed at providing feedstock for chemicals production, cleaner fuel for power generation, and support the Kingdom’s economic diversification goals.
Al-Falih also said that the Sadara joint venture in Jubail was on track for the start-up of some of its plants in 2015 and that the construction of PetroRabigh II project was progressing well.
“Together, these ventures and projects will go a long way in realising our strategy to be the world’s top refiner and a world-leading manufacturer of chemicals”, the CEO said.
Speaking of his top priorities in 2015, Al-Falih said more should be done to reduce the level of off-the-job traffic-related fatalities,
which, the CEO said, “remains a major cause of concern since it was higher this year than each of the last two”.
He concluded the end-of-the-year address to his employees by praising their resilience and commitment to safety as the company’s greatest assets.
