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 January 02, 2002

Saudi Aramco tops industry in PIW list

Dhahran January 2,2002 - Saudi Aramco has been named the world’s No. 1 oil company for the 13th consecutive year, maintaining its position while a new industry structure emerges, according to Petroleum Intelligence Weekly (PIW), an influential trade publication. 

The PIW rankings, which place Petroleos de Venezuela second and ExxonMobil third, are based on year 2000 figures for oil reserves and production, gas reserves and output, refinery capacity and product sales.  

“We are proud of our achievements, which we owe to the effectiveness of our employees,” Saudi Aramco president and CEO Abdullah S. Jum‘ah said. “But we recognize that our responsibilities extend beyond such accolades. We have responsibilities to the Kingdom, our customers and our partners. We also have social and environmental responsibilities.”  

Saudi Aramco maintains an enormous advantage in crude reserves. Gas reserves held by Saudi Aramco place it fourth on PIW’s slate.  

Saudi Aramco also dominates in oil output, 8.6 million barrels per day in 2000. Its gas output, 4.6 billion cubic feet per day (cfd), ranks ninth on PIW’s Top-50 list. 

In refinery capacity and oil product sales, Saudi Aramco ranks seventh and sixth, respectively. While state-owned companies such as Saudi Aramco maintain their leading positions in the overall rankings, PIW notes that “a whole new group of major oil companies has taken shape in recent years.” 

Competition will only make Saudi Aramco better, Jum‘ah said. “Increasing competition will encourage us to remain at our best in all respects and to maintain a high level of cooperation with key players in the petroleum industry,” he said. “We also have initiatives that are among the biggest in the world, which include a business integration system that will help us increase our productivity and efficiency to maintain a position of responsible leadership.”





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31 January 2002 03:24:43 PM