Saudi Aramco is a proven leader in hydrocarbon exploration and production, refining and distribution.
The company has witnessed continuous growth across all sectors, particularly during the 20-year reign of King Fahd bin Abdulaziz Al-Saud, the Custodian of the Two Holy Mosques.
As well as bringing huge economic benefits to Saudi Arabia over the course of these years and providing the impetus to impressive industrialisation programmes in the Kingdom, the experience which Saudi Aramco has built up will serve as the platform for sustainable success in all of its operations into the future.
As a fully-integrated oil company operating domestically and in strategic global markets, Saudi Aramco's powers of flexibility, economies of scale and depth of knowledge across the whole petroleum industry have combined to ensure that the company, and the Kingdom, will be able to meet the varied challenges of a constantly changing world.
Saudi Arabia controls the world's largest crude reserves, at more than 260 billion barrels. It remains the world's leading oil producer, pumping an average of 7.6 million barrels per day (bpd) last year. Production capacity is currently approximately 10 million bpd, giving the Kingdom spare capacity of 2.4 million bpd which provides the country with a unique influence in global crude oil markets.
While Saudi Aramco pushes on with oil exploration programmes, a conspicuous move towards gas is gathering pace.
Many of the world's leading oil companies have been negotiating potentially lucrative gas contracts with Riyadh to develop three so-called Core Ventures.
The company's senior vice president for gas operations Dhaifallah Al Utaibi said that Saudi Aramco's continuing drive to develop natural gas was 'no threat to foreign capital' and should help investors get a foothold in the $25 billion gas initiative.
Saudi Aramco is further expanding its domestic Master Gas System to meet soaring demand from Saudi industry and a rapidly growing population. By completing the 1.6 billion cu ft per day Hawiyah gas processing plant last year and bringing onstream next year the Haradh facility (also 1.6 billion cu ft per day capacity), Saudi Aramco will have made significant progress in securing gas supplies for this growing domestic market, analysts say.
These plants are also seen as providing a solid foundation for foreign investment. Rich gas from both Hawiyah and Haradh has been earmarked to provide feedstocks for downstream investments in Core Venture One, a $15 billion development of the South Ghawar area to be led by ExxonMobil.
''We have helped to enhance the investment environment by continuing our exploration activities, providing the international oil companies with valuable geological data and increasing overall prospectivity of the Kingdom,'' said Al Utaibi.
The current value of gas to the country's economy is clear. It is estimated, for example, that the Kingdom's gas industry, underpinned by the Master Gas System, employs about 35,000 workers in direct jobs in gas production, processing, manufacturing and marketing operations, while the total of direct and indirect jobs in this industry is estimated to be about 150,000 jobs.
To ensure that maximum value is derived from Saudi Aramco's abundant oil and gas reserves, the company maintains a highly efficient distribution infrastructure. Pipelines have been the lifeblood for the Kingdom for more than five decades - indeed, Saudi Arabia had just 2,000 km of pipeline in the 1950s. Today, Saudi Aramco operates more than 20,000 km of pipelines, which carry crude oil and refined products to local and international markets.
Certain international markets have provided - and continue to provide - Saudi Aramco with strategic investment opportunities as it looks to guarantee stable markets for its crude oil and generate alternative, diverse revenue streams.
China has been earmarked, for example, as an ideal location for a joint venture refinery. China is currently witnessing steady economic growth, growth which will require abundant supplies of energy. Saudi Aramco believes it is capable of meeting both short and long term market needs in China, as well as adding value to its crude through transportation and refining. If implemented, the project would be Saudi Aramco's fifth international refining and marketing joint venture. The company already has well-established ventures in the US, South Korea, the Philippines and Greece.
In anticipation of future market opportunities, Saudi Aramco already has a strong presence in China, with an office in Beijing helping develop international refining and marketing links.
Despite the huge scale and diverse operations of the company, Saudi Aramco takes significant steps to ensure that its operations have a minimal impact on the environment. The environmental performance of facilities is constantly monitored and the company operates under a strict Environmental Master Plan.
But while Saudi Aramco can rightly claim to be a true innovator and applicator of leading-edge technology, it is also reliant on the dedication of its highly skilled employees to ensure its solid base remains so.
The future is likely to offer strong challenges in what will become increasingly complex, competitive global markets, and Saudi Aramco will need to display its renowned qualities to maintain its leading position.
Thankfully the company has put in place the ingredients for a successful future, including developing a new generation of high calibre Saudi nationals who will carry the company forward.
