Prince Abdul Aziz Bin Salman, Kingdom’s Energy Minister has said Saudi Arabia would keep its role as the secure supplier of global oil markets. He added that the Kingdom, the world’s leading oil exporter, needs to take strict measures to prevent further attacks. The Energy Minister was addressing a news conference in Jeddah Tuesday along with Yasir Rumayyan, Chairman of Saudi Aramco and president and CEO Amin Nasser..
He said that production at Khurais resumed 24 hours after the attack. He stated that production at Abqaiq is currently 2 million barrels per day and its entire output is expected to be restored to prior rates by the end of September.
“Where would you find a company in this whole world that went through such a devastating attack and came out like a phoenix?” he said
Oil prices dropped about six percent Tuesday after the energy minister’s comments, steadying markets that had jumped amid concerns of supply and instability in the region.
The attacks on Saturday on the Abqaiq processing plant and Khurais oil field halved the Kingdom’s production and shut off about seven percent of global oil output.
The Kingdom will achieve 11 million barrels per day (bpd) capacity by the end of September and 12 million bpd by the end of November, Prince Abdulaziz said.
Oil production in October would be 9.89 million bpd and the world’s top oil exporter would keep full oil supplies to customers this month, he said.
He said Saudi Arabia would keep its role as the secure supplier of global oil markets, adding that the Kingdom needed to take strict measures to prevent further attacks.
“We don’t know who is behind the attack,” Prince Abdulaziz said, adding that the kingdom wants “proof based on professionalism and internationally recognized norms.
Aramco president Nasser disclosed “these synchronized attacks were timed to create maximum damage to our facilities and operations. The rapid response and resilience demonstrated in the face of such adversity shows the Company’s preparedness to deal with threats aimed at sabotaging Aramco’s supply of energy to the world”.
Commending the work of the emergency response teams consisting of firefighters, operations, and security personnel in coordination with government agencies,Nasser said: “I am enormously proud of the courage, dedication and proficiency of our people who ensured there were no injuries.”
“We have a hard-earned reputation for nearly 100 percent reliability in terms of meeting our international customers’ requirements and we have defended that,” he told Saudi and international journalists
The Company adjusted deliveries and shipments to customers by drawing on inventories and offering additional crude production from other fields.
“Not a single shipment to an international customer has been or will be missed or canceled as a result of these attacks. We have proven that we are operationally resilient and have confirmed our reputation as the world’s leading supplier,” Nasser said. The Company has met its commitments to its International customers, even in challenging situations, including past Gulf conflicts.
Talking about Company’s Initial Public Offering, Nasser said: “We have said we are ready and will proceed with the IPO when our shareholder takes the decision.
SOURCE : ALBILAD
