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Al-Rumayyan, Prince Abdulaziz and Nasser at the press conference.

Al-Rumayyan, Prince Abdulaziz and Nasser at the press conference.

Aramco emerges ‘like phoenix’

JEDHAH: Saudi Aramco has vowed to restore its lost oil production by the end of September and has managed to recover supplies to customers to the levels they were at prior to the attacks on its facilities that resulted in the oil giant halving its production.

Saudi Energy Minister Prince Abdulaziz bin Salman said average oil production in September and October would be 9.89 million barrels per day (mbpd) and that the world’s top oil exporter would ensure full oil supply commitments to its customers this month.

“Over the past two days we have contained the damage and restored more than half of the production that was down as a result of the terrorist attack,” Prince Abdulaziz told a news conference in Jeddah, also attended by Aramco’s Chairman Yasser Al-Rumayyan and President & CEO Amin Nasser.

He said the kingdom would achieve 11 mbpd capacity by end of September and 12 mbpd by end of November.

“Oil supplies will be returned to the market as they were before 3:43 am Saturday,” he said, adding that state oil giant Aramco had emerged “like a phoenix from the ashes” after the attack.

He was referring to attacks on the state-owned oil company Aramco’s plants in Abqaiq and Khurais, including the world’s largest oil processing facility, which shut down 5.7 mbpd, which is more than half of Saudi Arabia’s production, or 5 per cent of global output.

Al-Rumayyan said Aramco’s IPO would be ready within the coming 12 months and that the kingdom was committed to the listing. The IPO would “continue as it is” despite the weekend attacks and that timing would depend on market conditions, he added.

 




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