Saudi Aramco News

More than 500 of Saudi Aramco’s partners and customers attended a company reception at International Petroleum (IP) Week held in London. This year’s focus was on “strategies for the changing oil and gas landscape.” The Saudi Aramco reception, themed “Enabling Opportunity,” underlined the commitment to remain on track to achieve long-term goals. The evening was an opportunity for Saudi Aramco to host stakeholders and give attendees a platform to discuss opportunities within the sector. “In 2014 alone, we hired thousands of new employees and pledged to invest billions over the next decade across the value chain,” said Salah Al-Hareky of Saudi Petroleum Overseas Ltd. (SPOL), Saudi Aramco’s London-based crude marketing arm. “The numbers emphasize our desire to continue pursuing the right investment opportunities, even in times of uncertainty when convention dictates consolidation rather than expansion.” The company highlighted its continuity over the past 12 months amid declining oil prices, which is evident in its increases in investment and human capital. Saudi Aramco has committed to increase spending on research and development, as well as on the people working in it. “We are going beyond reliability and responsibility, extending our focus in areas such as innovation,” said Al-Hareky. “We believe innovation is the key to making our resources more accessible, useful, sustainable and competitive.” IP Week, a thought-leadership forum for the global oil and gas industry, is organized by the Energy Institute (EI), a technical partner of Saudi Aramco through its Europe-based arm, Aramco Overseas Company. The three-day event saw more than 2,000 delegates from across the oil and gas industry — including CEOs, policy makers and academics — discuss the challenges within the sector and how to approach them. According to the EI, this year’s event was unique given the ongoing political uncertainty around the world, placing greater emphasis on the role of oil and gas in sustaining society. The company also gifted attendees at the reception with products made by Al-Faisaliya, a women’s welfare society based in the Kingdom, which supports cultural and community awareness programs.