Last week, Saudi Aramco released its annual review for 2016, a detailed overview of Saudi Arabia’s upstream and downstream energy operations, national strategy, and international activities and investments.
The Annual Review for 2016, which is released halfway through the following year, takes on special significance as the Kingdom embarks on its Vision 2030 economic and social reform plans and moves toward an initial public offering of part of the company.
“I believe that history — and indeed, the near future — will prove that despite the discouraging business climate, 2016 was a turning point for both Saudi Aramco and the Kingdom, as well as for the global oil and gas industry,” Khalid Al-Falih said in the welcoming message to the report.
“For Saudi Aramco, the most notable feature of the Kingdom’s transformation will be the future offering of part of the company’s shares in local and international stock markets. This move drives further diversification and growth of the national economy, while elevating the international visibility of the company’s decision making and governance, and building confidence in its long-term strategy.”