2000 News Story

Saudi Aramco issues 1999 annual review

The Saudi Arabian Oil Company 'Saudi Aramco' has issued its annual review for 1999, which was endorsed on August 30, 2000 by the Supreme Council for Petroleum and Minerals. The review covers such areas as exploration and production, refining and distribution, international operations, advanced technology and support services. The report also focuses on the company's efforts on behalf of local, national and international communities in environmental protection, economic development, education, and health care.

In his foreword, Minister of Petroleum and Mineral Resources Ali Al-Naimi stated that during 1999, Saudi Aramco demonstrated excellence in all its operations, "putting its reliability and performance to work in the service of its customers and communities around the world". He went on to pay tribute to Custodian of the Two Holy Mosques King Fahd bin Abdulaziz and Crown Prince Abdullah bin Abdulaziz, for their wise leadership and unflagging support of the company and its achievements.
In an introductory message, Saudi Aramco's President and Chief Executive Officer Abdullah Juma'a said that the company's ability to adapt to changing times served well in 1999, a year characterized largely by difficult and volatile market conditions, declaring: "I am proud of our people's response and their embodiment of our deeply-rooted corporate values in the face of market adversity". As a result of that dedication, he said, "All major corporate objectives for the year were achieved. During the year, we added liquid reserves in excess of our production, discovered substantial additional natural gas reserves, and met our commitments to energy consumers around the globe."
He went on to say that the company also enhanced ongoing quality improvement and continuing excellence efforts, resulting in improved productivity and profitability, which enabled Saudi Aramco to expand its competitive edge, and fortify its reputation as the world's leading and most reliable oil and gas enterprise.
The 1999 annual review is notable for its special focus on people, both the over 50,000 individuals working for Saudi Aramco, and the large numbers of people in the Kingdom and around the world who benefit from the company's operations. As a tribute to the efforts of Saudi Aramco's employees, thousands of their names appear in the background design of the report's pages.

Among the company's highlights for 1999, as described in the annual review are the following achievements: