Week 48 in Review: Major European transactions, our chairman recognized, and crowning the toughest firefighter
Three transactions with PKN ORLEN will help Aramco expand its global downstream presence.
Here are some of the top articles of the week.
Aramco has successfully closed three landmark transactions with Polish refiner and fuel retailer PKN ORLEN, through its subsidiary Aramco Overseas Company BV, based in the Netherlands.
As part of the transaction, first announced in January 2022, the company acquired equity stakes of 30% in a 210,000 barrels-per-day refinery in Gdansk; 100% in an associated wholesale business; and 50% in a plane fuel marketing joint venture with BP Europa SE, which operates in seven airports in Poland, following PKN ORLEN’s merger with Grupa LOTOS.
The agreements represent a significant milestone in Aramco’s long-term strategy to grow its integrated refining and petrochemicals capacity, and expand its product portfolio across the entire hydrocarbon value chain. The transactions also seek to establish a solid foundation for further business development, and aim to complement Aramco’s strategy to expand its liquids to chemicals capacity to up to 4 million barrels per day.
Aramco chairman H.E. Yasir O. Al-Rumayyan received the 2022 Arab Bankers Association of North America (ABANA) Achievement Award in New York. The award recognizes individuals who exemplify outstanding leadership in banking and finance, and who have displayed a proven commitment to positive professional cooperation between the U.S., Middle East, and North Africa.
In his acceptance speech, Al-Rumayyan highlighted how the Kingdoms Public Investment Fund (PIF) and Aramco are laying foundations for the future through a transformational program of investment and development.
The work that’s being done at PIF and Aramco will not only touch lives at home, but effect all corners of the globe.
—Yasir O. Al-Rumayyan
Aramco’s Fire Protection Department hosted its annual Firefighter Challenge recently at the iconic King Abdulaziz Center for World Culture (Ithra) tower. The challenge showcased the remarkable abilities of our protective heroes, and for the first time, firefighters from all over the world joined the battle to become “Toughest Firefighter Alive”.
The four-day event comprised of hotly contested challenges between international, local, and Aramco divisional teams, including those from Brazil, Germany, South Africa, and the U.K., as well as Civil Defense, Aramco Joint Venture companies, the Saudi Electricity Co. and more.
Firefighters overcame real life obstacles with phenomenal speed and skill. Scaling a three-meter wall was made to look easy, for example, and competitors took dragging a 50 to 70 kg dummy for between 40 and 70 meters in their stride. The crowd was awed by displays of strength that pushed boundaries.
For the results, read the full story.
In the end, it wasn’t enough.
The Saudi Green Falcons battled valiantly but were unable to pick up a second win in pool play. That didn’t stop fans from backing the home country team, however.
Aramco’s Information Technology Customer Relations Department (ITCRD) shared knowledge of new and innovative digital technology and IT solutions recently through the second iteration of the annual BawabaTech seminar.
Some 2,700 Aramco employees participated in the seminar — physically and virtually via the Shahed live stream — held on Nov. 14 and 15 at Dhahran’s North Park Auditorium under the theme “Where Technologies Meet the Real World.”
Among the technologies showcased at the event was a holoportation technology, which enables high quality 3D models of people and objects to be constructed and transmitted anywhere in real-time.
Other technologies and on-trend topics such as drones, robotic process automation, myIdentity, i-Safelife, and smart city were also showcased. Visitors experienced many of the technologies firsthand, such as augmented and virtual reality.