1. Maximise revenues by capturing oil-growth opportunities.
The primary objective is to determine the optimum crude oil price/volume and marketing strategy to maximise the company’s long-term oil revenues. Independent studies are examining the range of price-and-volume strategies as the basis for decision makers to identify the strategic levers and synthesize them into an overall strategy.
2. Protect the future market for oil.
Saudi Aramco is sharpening its focus on ways to expand the use of oil for power generation, protect oil’s historic dominance in transportation fuels, promote wider use of petrochemicals, and improve the public perception of oil. Projects and partnerships are being explored and developed to optimise the capabilities of oil and improve its environmental performance.
3. Leverage resources to expand the Kingdom’s economy.
Saudi Arabia’s hydrocabon reserves are the world’s most abundant and provide a solid platform for diversifying and expanding the kingdom’s economy, thereby creating employment opportunities for Saudi citizens. Oil and gas resources can be leveraged for the expansion of mining, manufacturing, services, refining and petrochemicals, power and waterworks. Opportunities to exploit operating synergies and integrate refining, petrochemicals power and water into mega-complexes, such as the proposed Saudi Aramco Rabigh Refinery Development Project, are being evaluated. The scale and configuration of export-oriented refineries in Saudi Arabia are being looked at for their benefits to investors and the Kingdom’s economy.
4. Optimise the corporate portfolio.
Saudi Aramco’s business units and operating assets are being scrutinised and baselined with a view to further improving their individual performance, and thus the company as a whole. And just as the company tracks the performance of its business units, so also it is focusing on increasing performance form its services portfolio by ensuring that the services retained by the company achieve best-in-class performance efficiency or be divested at the right time and in the right way.
5. Transform corporate performance.
The company moved to full cost reporting during 2003, a move that allows organisations to be viewed as if they were stand-alone businesses, or natural business units (NBUs), with identifiable customers and assets - an important basis for building a company-wide, best-in-class culture.
6. Prepare Saudi Aramco’s workforce for the future.
The company believes that its continuing success depends on its people. With that in mind, Saudi Aramco has embarked on a global study of the best practices in human resources development. The results of this study will be integrated into further refinement of Saudi Aramco’s corporate human resources strategy.
