Week 19 in Review: Rising profits, streamlining for success, and the CEO Ramadan tours top week’s articles
Aramco got gave investors some good news in its first quarter quarter results, and the company streamlined its marketing, off take, and sales operations with SABIC.
Here’s the top articles over the past week.
Aramco, SABIC moves
The week began with Aramco and SABIC announcing their intention to transfer the marketing and sales responsibility for a number of Aramco petrochemical and polymer products to SABIC, and the off take and resale responsibility of a number of SABIC products to the Aramco Trading Company (ATC).
To be implemented on a phased basis through the year, the move will result in SABIC focusing on petrochemicals products and ATC on fuel products.
“Together, ATC and SABIC are focused on providing a world-class products and services offering. These changes will place us in an even stronger position to deliver market leading innovation and value,” said Ibrahim Q. Al-Buainain, ATC president and CEO.
Net income rises 30% in Q1
In announcing its first quarter financial results, Aramco reported a 30% year-on-year increase in net income and declared a dividend of $18.8 billion to be paid in the second quarter. The results were underpinned by higher oil prices and an improved economic environment in the first three months of the year.
“The momentum provided by the global economic recovery has strengthened energy markets, and Aramco’s operational flexibility, financial agility, and the resilience of our employees have contributed to a strong first quarter performance,” said Aramco president and CEO Amin Nasser.
From Manifa to Jazan, a Ramadan thank you
Thanking employees for their efforts and dedication at facilities throughout the Kingdom, Nasser again this year visited employees at locations including Abqaiq, Manifa, Marjan, Ras Tanura, Shaybah, and Shedgum, with a stop scheduled in Jazan near the end of Ramadan.
No badge? No problem
Forgot your badge? No problem — as long as you have the mySecurity app downloaded on your phone.
The new Digital ID program allows employees to activate, deactivate, and access secure doors with phones.
Innovation meets competition at EXPEC ARC
A new innovation competition sponsored by the EXPEC Advanced Research Center has researchers racing to reduce Aramco’s carbon footprint.
Ebtikar, derived from an Arabic word meaning “to create something innovative or ingenious,” is a competition that recently received over five dozen proposals from company researchers around the world with potential solutions designed to limit our carbon footprint — from carbon sequestration, water conservation, reducing chemical consumption, and more.