Board approves expansion plans
Posted: 30 October 2006
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Saudi Aramco's board of directors gave the green light to the company's budget and expansion plans last month. All expenditure requests were approved.
They also received a report on the massive Khurais project, which will add 1.2 million barrels per day of Arabian Light Crude to the Kingdom's hydrocarbon stream. The Khurais Field will be nurtured both by the company's longstanding experience and the latest reservoir management techniques to ensure longevity and maximum oil recovery.
 A report about the Karan Field development was delivered in which the board learned of the company's plans to get as much as one billion standard cubic feet per day of Khuff gas.
Board members appreciated the company's approach to expansion of downstream activities and were advised of progress on engineering, procurement and construction of the Rabigh Refining and Petrochemical Project (PETRORabigh).
The Rabigh Project loans have been syndicated, and the company is working to develop a conversion industry park next to the project.
Board members urged company employees to keep up the good work - sentiments that were echoed by president and CEO Abdallah S. Jum'ah.
"The company is administering and executing ambitious upstream and downstream expansion programs, involving historically high levels of capital expenditures," Jum'ah said.
"All these operations and activities place responsibilities upon all levels of management and all employees," he added. "In the performance of our jobs, in the achievement of our corporate objectives, and in the preservation of the safety of our people and operations, we must all do our part and take personal responsibility." |
