2019-09-18 18:15:00
ARAMCO WILL RECOVER QUICKLY
SAUDI ARAMCO - Saudi Aramco President & CEO Amin Nasser said Tuesday that the Company's production capacity, suspended earlier due to terror attacks on its plants at Abqaiq and Khurais, would be fully restored by the end of September.
Speaking to media in Jeddah during a news conference with HRH Prince Abdulaziz Bin Salman, Minister of Energy, and HE Yasir Rumayyan, Chairman of Saudi Aramco, Mr. Nasser said: "These synchronized attacks were timed to create maximum damage to our facilities and operations. The rapid response and resilience demonstrated in the face of such adversity shows the Company's preparedness to deal with threats aimed at sabotaging Aramco's supply of energy to the world."
Commending the work of the emergency response teams consisting of firefighters, operations, and security personnel in coordination with government agencies, Mr. Nasser said: "I am enormously proud of the courage, dedication and proficiency of our people who ensured there were no injuries."
During the news conference, it was disclosed that production at Khurais resumed 24 hours after the attack. Meanwhile, Mr. Nasser stated that production at Abqaiq is currently 2 million barrels per day and its entire output is expected to be restored to prior rates by the end of September.
"We have a hard-earned reputation for nearly 100 percent reliability in terms of meeting our international customers' requirements and we have defended that," he told journalists from Saudi and international media.
The Company adjusted deliveries and shipments to customers by drawing on inventories and offering additional crude production from other fields.
"Not a single shipment to an international customer has been or will be missed or canceled as a result of these attacks. We have proven that we are operationally resilient and have confirmed our reputation as the world's leading supplier," Mr. Nasser said. The Company has met its commitments to its International customers, even in challenging situations, including past Gulf conflicts."
The subject of the Company's Initial Public Offering was also discussed during the news conference and Mr. Nasser had the following message: "We have said we are ready and will proceed with the IPO when our shareholder takes the decision."
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Earlier:
2019, September, 16, 15:00:00
SAUDI ARABIA'S OIL RISKS
Dollar-denominated bonds issued by Saudi Arabia’s government and state oil company Saudi Aramco tumbled to multi-week lows on Monday after a weekend attack on Saudi Arabia’s oil facilities shut about 5% of global output.
2019, September, 16, 14:45:00
ARAMCO'S OUTPUT WILL DOWN BY 5.7 MBD
Saudi Aramco will see its production halved, with a 5.7mn barrel per day drop in output due to the attack.
2019, September, 16, 14:05:00
ATTACKS ON SAUDI OIL FACILITIES
Yemen’s Iran-aligned Houthi group said it attacked two plants at the heart of Saudi Arabia’s oil industry on Saturday, knocking out more than half the Kingdom’s output, in a move expected to send oil prices soaring and increase tensions in the Middle East.
2019, September, 6, 13:40:00
ARAMCO INVESTMENT TO CHINA
Saudi Aramco signed a Memorandum of Understanding (“MoU”) with China’s Zhejiang Free Trade Zone, in which the Zhoushan Government emphasized its support for incentivizing Saudi Aramco’s greater investment in Zhejiang’s future downstream growth.
2019, September, 6, 13:20:00
ARAMCO SELLS LNG
Saudi Aramco, the world’s most profitable company, is trying to break into the fledgling market for liquefied natural gas trading. To do so, the state-owned company is tapping its decades-old network of oil-trading contacts, selling its first two cargoes to longstanding crude customers in South Korea and India.
