Aramco reaffirms energy commitment
Posted: 12 December 2005
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Saudi Aramco is key to helping meet the anticipated growth in global energy demand, Refining vice president Khalid G. Al-Buainain told those in attendance at the 8th Association of Southeast Asian Nations' (ASEAN) Council on Petroleum (ASCOPE) Conference and Exhibition.
 Philippines president Gloria Macapagal Arroyo opened the Nov. 30-Dec. 3 conference to more than 12,000 visitors and dropped in on Saudi Aramco's booth at the exhibition.
"Saudi Aramco is committed to its role as the world's premier energy supplier," Buainain said on the second day of the conference in his speech, titled "Regional and Global Industry Developments, A Viewpoint from a Middle East Based Operator."
Keeping in mind the theme of the conference, "Energizing ASEAN to meet the challenges of the new millennium," he discussed the challenges facing the oil industry. "The industry is facing a volatile environment," said Al-Buainain, "attributed to the confluence of many factors that include tightening supply-demand balances, lagging investments in infrastructure including refining, perceptions, as well as market speculation."
The 370 companies, representing 30 countries, attending the conference were there promoting the latest technology and products for both upstream and downstream sectors of the petroleum industry. Represented were major local and international corporations in the oil, gas and petrochemical industry, including Saudi Aramco, along with service providers, manufacturers and information technology partners.
Addressing them, Al-Buainain urged stronger communication between industry members and participation in international forums such as ASCOPE. "Looking into the future," he said, "the challenges associated with the projected increase in energy demand are vast, requiring careful planning and efficient and timely execution by both suppliers and consumers. In this regard, exchange of information, through forums such as ASCOPE, can be beneficial."
He stressed that Saudi Aramco stands ready to maintain its essential position in the global energy market. "We are making major investments across the petroleum value chain, both upstream and downstream, including increasing our production capacity to 12 million barrels of oil per day.
"The refining business will continue to be a part of the overall Saudi Aramco corporate strategy," he continued. "Looking into the future, our plans consider important investments to expand our refining capacity."
In a final word of assurance, he underlined Saudi Aramco's stance on the international oil industry. "We are working diligently," he said, "to further enhance our position as the world's most reliable supplier of energy, to maintain our reputation as a valued partner, and to meet our commitments to customers and consumers around the world."
Hosted by the Philippines National Oil Co. , ASCOPE is one of the most important petroleum conferences and exhibitions in the Asia Pacific region.
Alfredo Parungao, executive vice president and COO of PNOC, said the conference focused on "maximizing assets, best practices and technology that will help the region achieve its goals."
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