|12-08-2014, 11:06 AM||#1|
Saudi`s Aramco and Emirat further cooperation
In a meeting today the national oil company of Saudi Arabia, Aramco, revealed that it will cooperate further with Abu Dhabi`s Emirat to expand both companies` energy activities and diversify their petroleum products.
The meeting gathered Said Al Hadrami, president and CEO of Aramco Trading along with Adel Khalifa Al Shaer, General Manager at “Emara to discuss the parameters of future projects and profitability.
No details have been reported so far regarding the coming projects between the two giant oil companies nor the costs or timeline.
Saudi Aramco`s value has been estimated at up to US$10 trillion in the Financial Times, making it the world`s most valuable company and has actually the he world`s largest proven crude oil reserves, at more than 260 billion barrels] and largest daily oil production.
Recently Saudi Aramco`s refining capacity is more than 4 million barrels per day knowing that the kingdom`s GDP derives largely from the hydrocarbons sector; around 45 percent of its economic growth.
Saudi Arabia remains unable to diversify its revenue, which is its weakest point as it forces the economy to depend mainly on its variable and unstable prices of its oil sources
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