JV Leaders Meet to Share Ideas
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Author: Saudi Aramco News
Released 13 December 2007
DHAHRAN, December 12, 2007 -- Joint Venture Development and Coordination (JVD&C) recently held its annual Joint Venture Presidents’ Business Exchange Meeting, gathering key figures from domestic and international joint ventures.
Adil A. Al-Tubayyeb tells joint venture presidents that work is under way to expand domestic joint ventures. (Photo by Abu Abdul Aziz Studio)
The meeting was attended by executive vice president Khalid A. Al-Falih; senior vice president of Refining, Marketing and International Khalid G. Al-Buainain; JVD&C vice president Adil A. Al-Tubayyeb; presidents of the joint ventures and Saudi Refining International; JVD&C department heads; key personnel from Saudi Aramco organizations and domestic and international joint ventures; and several academic figures with expertise in the global economy.
The main goals of the meeting were to gather everyone involved with domestic and international joint ventures and provide them with the latest analysis on the drivers and challenges affecting the energy markets, as well as a comprehensive overview of the petrochemicals industry and how it relates to Saudi Aramco’s global petrochemical projects.
The exchange also helped develop a common understanding of initiatives and topics in corporate management and human-resources development. The overall aim of the meeting was to provide a suitable environment for participants to exchange information, experiences and best practices between Saudi Aramco and the presidents of their joint ventures.
Khalid G. Al-Buainain addresses the gathering, below, made up of key figures from domestic and international joint ventures.
Al-Falih reviewed Saudi Aramco as an integrated oil company, not limited to its exploration and production, but going beyond that to the areas of refining, marketing and distribution.
Al-Buainain urged the participants and the audience to take advantage of the meeting and exchange ideas. “This meeting is an opportunity for all of us to share our best practices and exchange our experiences so that we may benefit from each other,” he said.
In his speech at the outset of the meeting, Al-Tubayyeb thanked the JV presidents for the high level of performance that has marked their projects and reported that Saudi Aramco’s joint ventures have seen marked improvement, especially the domestic JVs.
He also noted that work was under way to expand domestic joint ventures and stressed the importance of oil forecasting over the medium and long range to combat market fluctuations in inflation rates and currency.
Yasser M. Mufti, senior analyst in the Business Analysis Department, gave a presentation titled “The State of Oil and the Global Economy in the Medium Range.” It touched on the drivers of global demand for oil and the growing importance of the roles of the Middle East, Saudi Arabia and Saudi Aramco in meeting the demand, taking into account the increasing growth of the industrial sector and that of the local population. The key is to strike a balance between the company’s local responsibilities and its obligations to the global energy markets.
He also talked about the responsibility undertaken by Saudi Aramco to increase its refining capacity, expand existing refineries and build new refineries, all in response to the growing demand for refined petroleum products according to the quality requirements in the domestic and global markets.
Adil A. Al-Tubayyeb, JV presidents, SRI representatives, and key JV and international offices’ personnel gather for a group photo during the Joint Venture Presidents’ Business Exchange Meeting.
The first day also included presentations on “The Global Economy and Financial Markets,” “The Global Petroleum Market Outlook” and “The Saudi Arabian Economy: Managing Risks and Opportunities.”
During the evening, Al-Tubayyeb hosted a dinner attended by members of Saudi Aramco’s corporate and executive management, presidents of JVs, SRI, presenters and other attendees. The keynote speaker was professor Kishore Mahbubani of the National University of Singapore, who spoke on “Preparing for the Asian Century.”
The second day of the meeting was composed of presentations given by the joint venture presidents, discussing the best practices used in their styles and strategies to increase their revenues. At the end of the day, they held a panel discussion to respond to questions from the participants.
On the final day, a presentation titled, “Saudi Aramco Joint Ventures Audit Results and Recommendations,” dealt with the findings from both Saudi Aramco’s Functional Audits Department and their counterparts in each joint venture’s auditing department. Other presentation topics were “Saudi Aramco JVs’ Share Price Performance,” “2006 Solomon Fuels Refinery Study” and “Global HR Initiatives.”
In an interview, Saudi Aramco Shell Refinery Ltd. president Mohammad A. Al-Omair explained that over the years Saudi Aramco has been focusing on the development of its new businesses and ensuring opportunities for meetings such as this to get JV presidents to exchange their experiences, encourage the application of best practices and benefit from each other.
The meeting was considered a success, enabling participants to freely exchange their experience and knowledge, their views and best practices, as well as review existing challenges in the oil market and strengthen the bonds between Saudi Aramco and its joint ventures.
The meeting is one of the key methods adopted by JVD&C to achieve its objective of constantly developing programs aimed at strengthening ties and cooperation among company joint ventures.