Saudi Aramco at the ready to help realize 'Vision'

DHAHRAN, April 27, 2016

Chairman: game-changing plan will benefit Kingdom

Saudi Aramco unequivocally supports Saudi Vision 2030 announced Monday by The Custodian of the Two Holy Mosques King Salman ibn ‘Abd Al-‘Aziz Al Sa’ud, HRH Crown Prince Mohammed ibn Naif ibn ‘Abd Al-‘Aziz Al Sa’ud, and HRH Deputy Crown Prince Mohammed ibn Salman ibn ‘Abd Al-‘Aziz Al Sa’ud, President of the Supreme Council of Saudi Aramco.

Commenting on Saudi Aramco’s role, HE Khalid A. Al-Falih, Saudi Aramco chairman of the Board of Directors, said: “Saudi Vision 2030 is a pioneering and game-changing plan that will enable sustained economic growth, diversification and job creation to benefit the Kingdom and its citizens for generations to come. Saudi Aramco will continue its commitment and remain fully engaged as a champion of transformation, ensuring that our significant contributions to the overall social and economic development of Saudi Arabia generate even greater positive impact in the future.”

On addressing the urgent need to shift the Kingdom from an oil-based economy, Al-Falih commented: “There needs to be a fundamental shift in our economic landscape if we are to reduce our unsustainable over-reliance on oil. Therefore, accelerating reforms across key economic sectors, privatization of key industries and the creation of a globally competitive small- and medium-sized Enterprise sector are essential to delivering Saudi Vision 2030.”

Al-Falih also said that the Kingdom was opening itself for further investment.

“The message is clear: Saudi Arabia is opening itself for further investment by those already in the Kingdom, as well as openly inviting potential future investors,” he said. “Investment and export opportunities exist for global companies who want to take advantage of Saudi Arabia’s ready access to infrastructure and abundant supply of energy. Saudi Arabia provides unrivaled competitive advantages and investment opportunities as a manufacturing and trading base to reach global markets. The government will continue to ease regulations to make the Kingdom one of the most attractive locations in the world to do business.”

Al-Falih was clear that the Saudi Vision 2030 would require a national effort. “The Vision is there, the path has been set and the prize is great. Everyone — business and community leaders, partners, suppliers, and most of all Saudi men and women, especially our talented youth — can make a contribution, and everyone must play their part.”  

Amin H. Nasser, President and CEO of Saudi Aramco, said:

On maintaining Kingdom’s pre-eminent position as the world’s most reliable supplier of energy:

“We remain committed to maintaining the Kingdom’s position as the world’s top oil exporter and most reliable supplier of energy, while continuing to make strategic investments across the hydrocarbons value chain that will elevate the Kingdom as the global hub for energy.”

On some of the actions needed to reach Saudi Vision 2030:

“The Kingdom’s transformation vision demands innovation, technology and R&D to spur a new era of industrial growth. Saudi Aramco’s continued leadership and investments in upstream and new investments in downstream expansion will help drive the widespread and rapid in-Kingdom development of a vibrant population of Small and Medium-sized Enterprises focused on producing high-value finished and semi-finished products in the petrochemicals conversion sector.” 

Saudi Vision 2030 is a boost for Saudi Aramco’s In-Kingdom Total Value Add (iktva) localization program:

“Saudi Vision 2030 will provide tremendous opportunities to strengthen Saudi Arabia’s local supply chain capabilities across every industry sector. Saudi Aramco’s flagship iktva program is essential to attracting inward investments in local engineering; innovation and technology, and manufacturing; and to creating thousands of highly-skilled and specialized jobs for Saudis, while embedding an entrepreneurship culture and more agile business climate.” 

Abdulrahman F. Al Wuhaib, SVP Downstream of Saudi Aramco, said:

“Some of Saudi Aramco’s most significant achievements in recent years have been in developing new international and domestic partnerships in the downstream space. Major global businesses are choosing to invest locally in our refining and chemicals sector thanks to our committed approach. Alongside the expansion of the Public Investment Fund, I believe that Saudi Vision 2030 and the National Transformation Plan can deliver further opportunities to help us consolidate those downstream relationships still further. Delivering Saudi Vision 2030 will also attract new partners in energy-related sectors. Increased inward investment, especially when the investor has a local operation and stake, will help strengthen the economy.” 

Mohammed Y. Al Qahtani, SVP Upstream of Saudi Aramco, said:

“Saudi Arabia is certainly a nation blessed with hydrocarbons, and while the Kingdom’s economy must reduce its over-dependence on oil, our unrivalled oil and gas assets will help continue to drive the Kingdom’s economic growth, long into the horizon on a sustainable basis. We have the world’s highest quality of reserves and product grade quality, we are the world’s lowest cost producer, and our recovery rates are among the highest in the world.”

“In addition, our upstream research and development is focused on increasing recovery from existing assets and optimizing reservoir management, and increasing oil and gas exploration and discovery, striving to replace 100% of produced oil with new reserves and growing reserves annually. All of these factors are embedded in our strategy to contribute even greater value to the Kingdom’s economy.”

“As well as supporting our customers through commodities export, strengthening our role as the world’s most reliable energy supplier, Saudi Aramco will continue to support the Kingdom’s domestic energy needs: supporting the shift to gas to drive utilities expansion and improved national energy efficiency; oil to support transport fuel efficiency; and, petrochemicals feedstocks supply to support rapid economic diversification through the growth of SME manufacturing sectors that are reliant on downstream conversion into high-quality consumer products.”

“Saudi Vision 2030 will consolidate and augment Saudi Aramco’s role at the heart of our nation. Critically important is the role that highly skilled local talent will play in creating a more vibrant and diverse economy. Saudi Aramco will continue to invest in strengthening its world-class engineering capabilities and training and development programs. This focused effort will help to ensure that future generations of young Saudis are well prepared to manage the Kingdom’s energy resources.” 

Muhammad M. Al Saggaf, SVP Operations & Business Services of Saudi Aramco, said:

“Saudi Vision 2030 recognizes that the Saudi people are the Kingdom’s most precious resource. Lowering the national rate of unemployment from 11% to 7% by 2030 is a challenging but achievable goal. Enhancing national education levels, embedding skills for the knowledge economy, and increasing women’s participation in the workforce are all critical to helping achieving it. Saudi Aramco will continue to support initiatives that enrich our workforce with world-class science, technology and engineering skills and training, but also through partnerships that fit with our company and Kingdom strategy.”

“For example, through Saudi Aramco’s partnership with Tata and GE, the Riyadh Business Process Outsourcing Center is delivering vital business services, efficiently and affordably to customers around the world. And it’s doing so by employing a skilled and talented female-only workforce in a way that’s both customer-centric in terms of excellence of delivery and employee-centric in terms of flexibility. I am confident that by 2030 the Saudi Vision blueprint will have enhanced and diversified our entire national labor force for the better across many sectors. This is both what we need and what the nation deserves.”

“Saudi Vision 2013 is very well thought of, ambitious and inspirational.  It sets the stage for major transformational change in all aspects of the Saudi economy, society and culture.  The main engine of change would, of course, be the Saudi people, who are the most precious resource.” 

Ahmad A. Al Sa’adi, SVP Technical Services of Saudi Aramco, said:

“Saudi Vision 2030 calls for an accelerated and broad diversification of the economy, driven by entrepreneurship, technological innovation and targeted investment. Saudi Aramco’s In Kingdom Total Value Add localization program is one example of how this vision is being put into practice today by promoting the development of localized energy sector businesses so that the company and the Kingdom benefit from a cost competitive local supply chain and the creation of new high quality jobs for Saudis. This is a model that I believe can be expanded upon and extended nationally across many industrial sectors to create thousands of new, well paid and highly skilled jobs that will appeal to our youthful workforce.” 

Abdallah I. Al Saadan, SVP Finance, Strategy & Development of Saudi Aramco, said:

“Delivering Saudi Vision 2030 will transform our national economy and reduce the over-dependence on oil. The listing of Saudi Aramco and other privatizations will increase investor confidence in the local stock market and boost foreign direct investment, market stability and overall growth. This will be good for the country and for Saudi Aramco and its customers, partners and suppliers.”  

Nabeel A. Al-Mansour, General Counsel of Saudi Aramco, said:

“Saudi Vision 2030 outlines dramatic actions to be taken which will cut bureaucracy and implement wide-ranging transparency and accountability reforms nationally. These steps will make it easier to do business within Saudi Arabia and will, in turn, increase commercial activity, foreign direct investment, and job creation. In addition, the prospect of an initial public offering of Saudi Aramco will elevate the international visibility of our strategic decision-making and accountability practices. This will promote a greater understanding of Saudi Aramco’s business capabilities and increase confidence in our long-term strategic orientation and governance, and thus be a positive development for the Company.” 

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