Saudi Aramco is serving as a multi-dimensional driver of the Saudi economy, according to Abdullatif A. Al-Othman, the Company's senior vice president of Finance. In a key-note address, he elaborated the Company's effective contribution to the strength of the Saudi Economy for the following reasons: -- The impact of revenues from oil exports. -- Contributions of domestically produced oil- and gas-based petrochemicals. -- The planned development of two grassroots export refineries in partnership with international oil majors. -- The use of energy as a key enabler of various industries, such as minerals. -- Maximizing the local content of goods and services. -- Promotion of private investments for specific business segments. Privatization of industrial and personnel services. -- Expansion of utilities, such as desalinated water and electric power. Sale of shares of new refining and petrochemical joint venture projects through initial public offerings (IPOs). -- Funding of downstream investments through debt financing, such as the PetroRabigh integrated refining and petrochemical project. -- The transfer of technology and the development of skills with support businesses. --MORE
