Week 45 in Review: Strong financials, Ithra launches Tanween activities, and a continued eye toward the environment
A surging energy market and high crude oil prices propel Aramco’s profits in the third quarter of 2021.
Whether it’s a glowing financial report, our hand in promoting culture throughout the Kingdom, or are continued close eye on environmental protection matters, Week 45 of 2021 was another strong one for news.
Here are some of the week’s top stories.
Aramco this week announced its third quarter financial results, recording a 158% year-on-year increase in net income to $30.4 billion and declaring a dividend of $18.8 billion to be paid in the fourth quarter.
Higher crude oil prices and volumes sold and stronger refining and chemicals margins in Q3 were credited with the economic boon, which was also underpinned by rebounding global energy demand and increased economic activity in key markets.
“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future,” said Aramco president and CEO Amin Nasser.
At Aramco, decades of maintaining the efficiency and reliability of an extensive portfolio of assets has evolved into a finely calibrated orchestral performance.
Operational issues leading to production interruptions, such as fluids not flowing through pipes or equipment breakdowns, eventually result in heavier carbon footprints, and environmental impacts.
Investing time and thought into keeping equipment and systems in their best readiness is better for the environment, as well as supporting business continuity.
Read more on our seventh installment of Aramco’s Hydrocarbon Journey: Maintenance.
The King Abdulaziz Center for World Culture (Ithra) launched the fourth edition of its flagship Tanween creativity season. Held under the theme “Tools: Crafting Creativity,” the event features high-profile speakers and a series of targeted workshops and masterclasses through Saturday, Nov. 13, and is designed to celebrate, explore and inspire the creative process.
Underscoring Ithra’s goal of supporting and developing the region’s creative industries, a key highlight will be the unveiling of the results of one of the most comprehensive studies mapping the cultural and creative landscape of the Middle East and North Africa, including rare insights into the Saudi cultural pulse.
“Through the annual creativity season, Tanween, a cultural catalyst and global gateway, it has succeeded in creating an unprecedented ecosystem that embodies Ithra’s five pillars, while offering unique experiences to the public and to creative professionals,” said Ashraf Al-Fagih, head of programs at Ithra.
The Tanajib Gas Plant (TGP) Projects Department celebrated the success of the inaugural ceremony of the “New Era of Action: Oasis Alive” on Oct. 25.
This plantation initiative is part of an ongoing green initiative, which the Kingdom and the company has undertaken to reduce carbon emissions and contribute to global efforts for a healthier environment with improved air quality, halting desertification, enhancing biodiversity as well as lowering local temperatures within the plantation area.
“Our action now will last for generations to come as these factors are merged together and planted into TGP’s ground, and today, very proudly we can see it grow and prosper,” said Aramco engineer and project manager Omar Alkhaldi.
The Marjan and Zuluf Increment Projects Department (MZIPD) recently celebrated 2 million safe man-hours of its Marjan Onshore Oil Facilities (MOOF) without a lost time injury — a notable accomplishment for a project with approximately 1,080 construction workers manning various work scopes on-site.
Achieving this required close monitoring of field activities in which PMT performed hundreds of joint safety walkthroughs with the contractor’s on-site team and its subcontractors. More than 21,000 safety behavior observations and focus inspections were conducted by the team. It also required close coordination between various stakeholders, third-party contractors, and multiple external agencies.