The Kingdom's Supreme Council for Petroleum and Mineral Affairs (SCPMA) has singled out Saudi Aramco for its pioneering role in developing the country's oil industry, while setting out the company's 2001-2005 Business Plan. The Kingdom's Supreme Council for Petroleum and Mineral Affairs (SCPMA) has approved the country's oil strategy and Saudi Aramco's 2001-2005 Business Plan.
The meeting, chaired by Custodian of the Two Holy Mosques King Fahad ibn 'Abd Al Aziz in Riyadh, highlighted the prominent role of Saudi Aramco in carrying out the Kingdom's oil policy.
Saudi Arabia's oil strategy aims to achieve market balance while preserving the interests of petroleum exporting countries, continuing international economic growth and keeping oil supplies stable at reasonable prices.
SCPMA made special reference to Saudi Aramco in its published strategy.
It expressed appreciation for the company's pioneering role and its continued exploration and development of oil reserves in various parts of the Kingdom, its efficient production, and its development of the refining sector and domestic marketing.
The strategy called for Saudi Aramco's entry into future joint ventures with the Saudi private sector and international oil companies.
Goals of the oil strategy set by the SCPMA include:
The strategy foresees a bigger role for the private sector by providing commercial opportunities in service and support industries.
It also stresses the importance of cooperation with relevant government bodies and the continued training of Saudi manpower in the petroleum sector.
Saudi Aramco's 2001-2005 Business Plan calls for implementing new technologies in daily activities to increase production and reduce expenditures; increasing the gas supply to boost industrial development; and maintaining a suitable level of production capacity to help the Kingdom meet world demand and confront negative impacts on the market.
''Saudi Aramco will produce and market optimum varieties of crude oils to realise the highest profits,'' SCPMA said, adding that the company would supply lead-free gasoline in the local market by 2001.
''Saudi Aramco will also develop security and safety measures, protect the environment and continue training Saudis to take jobs at all levels,'' SCPMA stated.
SCPMA also endorsed Saudi Aramco's 1999 annual report and approved the company's general budget.
In another development, SCPMA set up a committee to discuss methods of organising gas supplies and prices.
