Week in Review: Ramadan, roses, and an important pipeline deal
A major downstream infrastructure deal and the start of the Holy Month of Ramadan tops this week's top stories.
The work week began with big news as Aramco signed a deal with a consortium led by EIG Global Energy Partners (EIG) as part of its efforts to optimize its assets through a lease-and-lease-back agreement involving its stabilized crude oil pipeline work.
A few days later, the Holy Month of Ramadan began with a message from our CEO.
Here's a quick look at a few of the top stories from the week
Over the past weekend, Aramco announced it had signed a $12.4 infrastructure investment deal what will lease usage rights of its stabilized crude oil pipeline network over a 25-year period to EIG Global Energy Partners.
"Aramco's strong capital structure will be further enhanced with this transaction, which in turn will help maximize returns for our shareholders," said Aramco president and CEO Amin Nasser.
The size and scope of the deal was significant, with Abdulaziz M. Al Guidaimi, senior vice president of Corporate Development, nothing that it not only set a new benchmark for infrastructure transactions regionally, but internationally as well.
The CEO opened his annual Ramadan message highlighting the company's remarkable efforts in adapting to the new realities as a result of the pandemic, noting that although this year's Ramadan may not be marked in "the normal way we know, like you, I hope the end is now in sight."
That being said, caution remains critical as cases have risen again as Ramadan begins. To celebrate the month safely, employees are being asked to:
- Wear a mask
- Wash your hands for at least 40 to 60 seconds, and avoid shaking hands and other forms of contact
- Maintain a physical distance of at least 2 meters
- Avoid large gatherings of more than 20 people
- If you think you may have been exposed, get advice from the Ministry of Health or your medical care provider on next steps.
And one of the best ways to combat the spread of COVID-19 during Ramadan and beyond is by making sure you have been vaccinated.
Johns Hopkins Aramco Healthcare has been offering same-day and next-day vaccinations at its locations in Dhahran, al-Hasa, Abqaiq, Ras Tanura, and Tanajib.
At the King Abdulaziz Center for World Culture (Ithra), Ramadan will celebrate the Holy Month of Ramadan by presenting a wide selection of cultural events designed to promote national traditional values and heritage, as well as discovering timeless skills and crafts through education, hands-on making and innovation within a creative and stimulating environment.
The program features cultural and interactive activities, in addition to various workshops, a collection of cognitive games targeted at various age groups, Ramadan Chapters, and art tours, all which reflect Ithra’s mission to inspire passion, creativity, and communication across cultures.
Al-Taif is already known for the quality of its rose oil, and Aramco is helping the community take advantage of that through its Citizenship Division.
The company played a key role in supporting the construction, training, maintenance, and operation of the new Roseyar factory, where up to 100,000 units of body care products will be produced to international specifications and standards.
"Through these national initiatives, Aramco is able to support and strengthen the capabilities of the Kingdom's working hands, especially those in need, helping them to cope with the demands of life and diversity their sources of income.