Jamal Al-Rammah, Saudi Aramco treasurer and chair of the forum, kicked off the event by welcoming participants to Saudi Aramco headquarters and setting the stage for the interactive discussions.
“We have some of the leading financial players in the global oil and petrochemicals businesses in this room, each with a unique and significant relationship with Saudi Aramco. The diverse businesses, challenges and operations make this an ideal setting to share ideas on treasury best practices and issues relevant to each of us as we explore new opportunities and confront challenges.”
Participants included senior finance representatives from Dow Chemical Co., BP, Chevron, Sumitomo Chemicals, Royal Dutch Shell, Total S.A. and SABIC, as well as Treasury management.
Al-Rammah encouraged participants to use the two-day event to network with business colleagues and to engage in candid discussions on various treasury topics.
HSBC Bank Middle East Limited gave a presentation on the current business environment, outlining the worldwide economic environment and the impact of the European crisis, to set the stage for the forum discussion.
The discussion sessions covered a broad range of issues, including risk management, corporate and project financing, bank relationships, insurance, investment management and many other treasury activities. The topics shed light on the various strategies each company employed to ensure that it maintained sufficient financial capacity to meet business requirements, especially in light of the current Eurozone crisis.
The forum also provided an opportunity for Saudi Aramco’s younger Treasury professionals to broaden their understanding of the global dynamics that impact Treasury decisions. This proved to be a learning experience that provided various views of the market situation and will aid emerging Treasury professionals in the future to make a difference in the way the company undertakes finance related decisions.
The event concluded with a tour of Saudi Aramco’s Exploration and Petroleum Engineering Center in which participants were provided a glimpse of the company’s technological advances in drilling and reservoir management. The tour showcased how the company leverages some of the most world’s most sophisticated technology to maintain its leadership in the oil and gas industry.
The forum was well-received by all participants and the consensus was that the topics for discussion were both comprehensive and appropriate for the types of issues that treasurers face in today’s business environment. Participants also expressed their gratitude to Saudi Aramco for hosting the forum as it provided a unique opportunity for knowledge cross-sharing with peers within the oil and gas and petrochemical industry.