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Transcript of Saudi Aramco
1933 Saudi Aramco started by Saudi Aarabian government and Standard Oil of California
The company's rough start
1973-1980- Saudi Arabian government gradually took over control of the company, finally changing the name to Saudi Aramco in 1988
BACKGROUND RECENT HISTORY 1998: Saudi Aramco, Texaco, and Shell establish Motiva Enterprises LLC
2005: Saudi Aramco and Sumitomo Chemical Company, Ltd. sign a joint venture agreement for the development of a large, integrated refining and petrochemical complex on Saudi Arabia's western coast
2008: The 75th anniversary of Saudi Aramco
Purpose according to website: "to provide sufficient supplies of crude oil and petroleum products to meet the world's growing demand for energy
But it's more than oil... General What purpose does Saudi Aramco serve to Saudi Arabia? Heart of Saudi Arabia's economy
Responsible for development
Common goal for the government
Saudi Arabia What purpose does Saudi Aramco serve to the region? Middle East Location of the resources
What purpose does Saudi Aramco serve to the world? The World Importance of oil
Stability If Saudi Aramco fell apart, what would happen to the nation, region, and the world? Benefits and Risks Worldwide consumer base Intimate link with Kingdom
Production rates determined by Saudi foreign policy
A divergence in interests?
Loyalty/family background playing a larger role in promotions
1998 market collapse-OPEC's role Counter position against alternative energy, vested interest in promoting oil/gas use Pressure to increase capacity to remain swing producer
Double the capacity in next 20 years Foreign investment for natural gas
High start-up costs
Oil more profitbale for Aramco
Aramco's expectations of having all Saudi business Shouldering the brunt of a Saudi transition to globalization? Risks Loss of tradition and identity
"The bottom line is that (Saudi Arabia's) values are based on values other than those of the West." Inability to modernize and compete on a global scale Benefits Saudi Arabian Democratic Reform- the result of "extraordinary leadership that insists on burying the past, not being buried by it." Promote foreign exchange and self confidence Become politically more open, with more opportunities for its people, and encouraging a young generation interested in joining the world system "the act or process of globalizing : the state of being globalized; especially : the development of an increasingly integrated global economy marked especially by free trade, free flow of capital, and the tapping of cheaper foreign labor markets" What are some of the potential benefits of globalization? "Democritization of technology, finance, and information" What are some potential risks of globalization? The Lexus and the Olive Tree How is this apply to Saudi Aramco?