Saudi Aramco's President and CEO Khalid A. Al-Falih has highlighted the company's dynamic role in national, international and organizational perspectives in a changing world. In a keynote address at the 31st Oxford Energy Seminar at St. Catherine's College held recently, he focused on “Saudi Aramco in a Changing World: The International, National and Organizational Context.” Al-Falih clearly laid the groundwork by enumerating the company's roles: the world's largest producer and exporter of crude oil; a world-scale producer and processor of natural gas; a “major and still-growing player in refining,” and, more recently, a player in the petrochemicals industry through in-Kingdom and overseas joint ventures. “Saudi Aramco's activities,” he said, “cover the whole globe and span the entire petroleum value chain, from reservoir to petrol pump and petrochemical plant — and everything in between.” Saudi Aramco is a global enterprise, yes, but its importance at home, in Saudi Arabia, must not be understated. “It is the sole supplier of petroleum energy — the Kingdom's primary competitive advantage — to vital domestic industries, utilities, business enterprises and individual consumers,” he said. But on top of that, while contributing to the Kingdom through corporate social responsibility, “We pay as much attention to fiscal discipline and our bottom line as any of the multinationals.” These three facets are interrelated and balanced in a “tripod” concept. Prospective investments that help the local economy and society, help the company meet its obligations to supply energy to the world, and are commercially attractive meet the tripod test. --MORE
