ABSTRACT SAUDI ARAMCO Oil & Gas Company This document will provide you an overview of saudi aramco’s company profile and it’s position in world and the challenges it has faced and is likely to face in the coming future and what are the steps that it has taken to overcome those challenges. Farrukh Najam Company profile SAUDI ARAMCO – AN OVERVIEW Saudi Aramco is one of the world's largest integrated energy and chemicals companies, creating value across the hydrocarbon chain, and delivering societal and economic benefits to people and communities around the globe who rely on the vital energy they supply. Saudi Aramco is committed to playing a leading role in the energy transition. They accept their responsibility to help the world achieve a net-zero economy, and its people are working hard to help solve the world's sustainability challenges. Aramco possesses a comprehensive worldwide downstream enterprise, primarily comprising refining and petrochemical production, supply and trade, distribution, and power generation. Saudi Aramco, officially called the Saudi Arabian Oil Company, is headquartered in Dhahran, Saudi Arabia. It holds the position of the largest oil producer globally and is predominantly owned by the state. Saudi Aramco is dependent on the demand for various products, including crude oil, refined petroleum products, and petrochemicals. Its diversified operations allow it to adapt to changing market dynamics. The company operates on a global scale, with a presence in nearly every continent. Its largest operations are in Asia, Europe and USA. Aramco is consistently ranked among the largest oil and gas companies globally, consistently among the top five in terms of market capitalization and revenue. Over the past 3-5 years, the oil and gas industry has witnessed fluctuations in product supply, demand, and prices and so has Aramco. Factors such as geopolitical tensions, OPEC+ agreements, and the COVID19 pandemic have significantly impacted the sector. Although Aramco has faced challenges during this period, with a decline in profits due to lower oil prices and reduced demand during the pandemic. However, it remains one of the industry leaders in terms of revenue and market capitalization. Saudi Aramco, the state-owned oil monopoly in Saudi Arabia, maintains stability in its largely unchanged business due to its dominant global oil market position, crucial role in the Saudi economy, government control, and long-standing international contracts. Despite renewable energy trends, high global oil and gas demand ensures continuity in Aramco's core oil production and exploration operations. One of the significant challenges for Saudi Aramco has been the volatility of oil prices and the uncertainty surrounding future energy demand. Increased environmental concerns have led to calls for reduced greenhouse gas emissions, impacting the oil and gas industry an most importantly the transition to cleaner energy sources and growing competition from renewable energy alternatives pose long-term challenges. As the world is shifting towards renewable energy sources and for sources with lesser emissions so this is a huge task for the Aramco to meet in order to maintain its position in the market. The Company is pursuing investment opportunities in projects that could potentially reduce Greenhouse Gas (GHG) emissions, following the recent announcement of its ambition to achieve net-zero Scope 1 and Scope 2 GHG emissions across its wholly-owned operated assets by 2050. REFRENCES: https://www.aramco.com/ https://www.investopedia.com/what-is-saudi-aramco-4682590
