Saudi Aramco is the largest world supplier of Oil Company and the most profitable company on the planet. Saudi Arabian Oil Company is a national petroleum and natural gas company located in Dhahran. It is the most valuable company in the world and rated at between the US $ 1.25 trillion and the US $ 10 trillion. It has the world鈥檚 largest crude oil reserves and largest daily oil production. The company owns Cheap Buccaneers T-Shirts
, operates, and develops all the energy resources in Saudi Arabia (Guerrera & Hoyos, 2006). It also oversees the world鈥檚 biggest single hydrocarbon network called the Master gas system whose crude oil production in 2013 was over 3.4 billion barrels.
Aramco鈥檚 origin in Saudi dates back to the oil shortages of the World War 1 and the expulsion of many American companies from Mesopotamia by the Great Britain and France in the San Remo Petroleum Agreement of 1920. The Standard Oil of California and other companies in the US sought new sources of oil from abroad which heightened interest in the oil prospects of the Arabian mainland. After many years of explorations and vested interests by other companies Cheap Buccaneers Hoodie
, the American government had an agreement with the Arabian government to move the headquarters of the company from New York to Dhahran. In 1988, a royal decree changed the name of the company to Saudi Arabian Oil Company (Saudi Aramco) from Arabian American Oil Company (Hertog, 2011).
Most of the Saudi Aramco employees are geophysicists and geologists. It explores oil and gas reservoirs in which most of the processes occur at the Exploration and Petroleum Engineering Center. Initially Customized Buccaneers Jerseys
, Cray Supercomputers were used to assist in the processing the data obtained but later installed supercomputing system in 2009 with a mega capacity. The company operates on the exploration and production with the development of technologies by collaborating with major research centers in the world. Many organizations support the company exploration and production through coordinating with the Aramco research and development centers.
The company has been increasing its refining capacity to a global level and ranked sixth in the world refining capacity. The company has been successful and become the largest company in the world due to increased efficiency of the employees. Arabian Aramco tracks innovation and creativity through the incubation research and development centers and also transfers knowledge from the earlier generations to the new generations.
Global markets influence
Saudi Aramco has a key role in the global economy by maintaining a significant amount of crude oil production volumes to ensure the stability of the global oil prices. Among the latest challenges to the company was the European economy slowdown in 2012 where it had to be flexible in stabilizing the global oil prices. The company has a network of offices and joint ventures with other global companies in 18 major cities that have refined petroleum products depots and business relationships in the energy sector. The company has also invested in other countries鈥?energy-related projects and has benefited from the global companies best practices. It faces technical challenges in its operations, but the use of development and innovation skills helps it to cope with the global challenges. Other challenges related to the renewable resources are also a key factor in its responsibility of controlling the oil prices in the international market.
The company has significant control by the Saudi government and the royal family which should be limited. There are other mechanisms to enable the industry to operate effectively through taxation, grants Cheap Buccaneers Jerseys
, and tax concessions. The strategy ensures that the company maintains its global status in oil production.
Guerrera, F. Hoyos, C. (2006) 鈥淪audi Aramco revealed as biggest group Matt Gay Buccaneers Jersey
,鈥?FINANCIAL TIMES [Online], Available online from
Hertog, S. (2011) Princes Anthony Nelson Buccaneers Jersey
, Brokers, and Bureaucrats: Oil and the state in Saudi Arabia: Cornell University Press
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