Riyadh, Asharq Al-Awsat- Abdullah Saleh Al Jumah, chairman and chief executive officer of Saudi ARAMCO told Asharq Al-Awsat in an interview, that ARAMCO, the world’s top in the petroleum industry, in terms of its production capabilities and confirmed reserves, is going through a historical transformation. The company is undertaking unprecedented exploration operations for oil and gas, and is entering into huge investments and partnerships that will consolidate its international status and make it the world’s largest producer.
Meanwhile, the Saudi Government announced at a meeting of the Council of Ministers this week in Dammam, chaired by King Abdullah that the kingdom’s petroleum policy continually tries to take into consideration the interests of producers and consumers, and strike a balance between supply and demand. The announcement added that “the kingdom is of the view that the quantities produced at present satisfy all the needs of the market, and that the production capacity is capable of responding to any real additional needs for energy, within the framework of realizing the interests of all parties concerned.”
In his interview with Asharq Al-Awsat, ARAMCO’s chairman said the company is trying to expand its activities in the field of petrochemical industries and meet local needs for fuel and industrial material. He reassured the world of the kingdom’s continued ability to supply it with energy with the same degree of capability and credibility in the foreseeable future. He stressed that Saudi ARAMCO’s strategy is to reassure the world markets, and for this purpose it is maintaining a surplus production of crude oil totaling between one and a-half to two million barrels per day. That, he said puts ARAMCO in a unique and flexible position that enables it to respond to changes in the oil markets and secure the world’s energy supply.
ARAMCO’s chairman also talked about the company’s strategy for the future at a time the company is celebrating its 75th anniversary. He explained that the aim of the company’s long-term strategy is to increase its petroleum investment and diversify the sources of the national economy.