Saudi Aramco Mission & Vision Statement Analysis

The Saudi Arabian Oil Company, Saudi Aramco is the largest oil producer in the world. The company is based mainly in Saudi Arabia, Dhahran, and is primarily state-owned. Yet, unbeknownst to many, Saudi Aramco is one of the most profitable companies in the globe, and it eclipses tech giants like Google and Apple. In April of 2019, the general people got a sneak peek of Saudi Aramco’s financial snapshot as credit rating agencies released it just before its debut on international bond sale, raising 12 billion US dollars.

MISSION Statement

“To achieve resilient value creation through crude oil cycles, capture value across hydrocarbon chain and to become a leading integrated energy and chemicals company that focuses on the maximization of income and facilitates sustainability and diversification of the expansion of the kingdom’s economy.”-That is the mission statement adopted by Saudi Aramco.

Their mission statement has a few elemental components.

• Becoming a leading energy and chemicals company
• Becoming a company that focuses on sustainability and diversification

Saudi Aramco is already the leading supplier of petroleum products. They are currently focusing on building on that success and improving the various layers of their upstream operations. As for sustainability Suadi Aramco is the primary driver of the Saudi economy. Whether they are acting as a catalyst or for the centralization of the Kingdom’s energy services or working on public projects, they add value to their downstream products. They try to increase energy efficiency, putting the energy at the hand of people of diverse expertise creating new opportunities for the population of Saudi Arabia.

Vision Statement

“To Be the World’s Pre-eminent Integrated Energy and Chemicals Company, Operating in A Safe, Sustainable and Reliable Manner” – These encapsulate the vision that Saudi Aramco wishes to achieve.

By the year 2020, Saudi Aramco wanted to be the leading integrated energy and chemicals company. They broke their vision into five parts.

• Reinforcement of their position in gas and oil exploration and production
• Integration of business model across the hydrocarbon value chain to gain influence
• Initialization of sustainable development of the Kingdom
• Leadership in technological innovation and development
• Strengthen position as an employer of choice

Saudi Aramco has already discovered new oil and gas fields having colossal capital investment. They plan to know increase gas production. They are also focusing on the maximization of every hydrocarbon molecule that they produce. While the companies are scaling back, they are increasing their capabilities on their downstream. They are constantly trying to make their development more efficient and sustainable.

The latest technological breakthroughs of Saudi Aramco will change peoples’ lives around the world, reducing CO2 emissions, increasing access to affordable energy, and so on. Finally, Saudi Aramco wants to hire the best talents, which is why they want to foster a work culture that empowers and encourages individuals.

Core Values Analysis

The Core Values of Saudi Aramco are:

• Accountability
• Citizenship
• Safety
• Integrity
• Excellence

These corporate values anchor everything Saudi Aramco does.

FAQ:

References

• Agrawal, O. (2021, June 13). Saudi Aramco Business Model: How Saudi Aramco makes money? Bizzbucket. https://bizzbucket.co/saudi-aramco-business-model-how-saudi-aramco-makes-money/#:%7E:text=Saudi%20Aramco%20delivers%20upstream%20production,%2C%20distribution%2C%20and%20retail%20operations.
• Saudi Aramco | The future ambitions of Saudi Aramco. (n.d.). Jobsataramco. https://jobsataramco.eu/our-business/our-vision.html#:%7E:text=In%202020%2C%20Saudi%20Aramco%20is,and%20vibrant%20Saudi%20energy%20sector.
• Saudi Aramco is neck and neck with Apple for the title of world’s most valuable company as oil rally pushes it to $2 trillion market value. (2021, October 6). Markets Insider. https://markets.businessinsider.com/news/stocks/saudi-aramco-market-value-2-trillion-apple-valuation-2021-10