Aramco project Essay Example | Topics and Well Written Essays - 1000 words

Aramco project - Essay Example The Kingdom of Saudi Arabia is the largest Arabian state in Western Asia covering a land area of approximately 2,150,000 km2. it is the second largest in the Arab world after Algeria. Its neighboring states are Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain and the United Arab Emirates to the east, Oman to the southeast, and Yemen in the south. Currently the Kingdom has a population of 28.7 million people and is a world leader in the production an export of oil. The country’s national petroleum and natural gas production is called Saudi Aramco. The company is Arabian American and is based in Dhahran. Saudi Aramco is among the largest integrated energy production companies around the globe. Aramco was founded in the year1933, by the Standard Oil Company of California. Saudi Aramco’s is a story of the discovery and development of some of the greatest oil reserves ever known in the world and the rapid transformation of Saudi Arabia from a once desert kingdom to the modern nation-state that we know. Saudi Aramcos value as estimated by the New York Times is approximately $10 trillion and this makes it the most valuable firm globally. Saudi Aramco enjoys more than ten percent of the global market in terms oil supply and controls 98% of Saudi’s oil reserves which in turn represent 25% of the total global oil reserves. Considering that the petroleum sector contributes about 40% of Saudi Arabia’s total Gross Domestic Product (GDP), Saudi Aramco is no doubt a cornerstone in the national economy. As such, Aramco is under intense pressure to remain competitive not only in the kingdom but also internationally. It I for this reason that the company requires a very efficient labor force. It has responded to this demand by developing and implementing a training program known as the Professional Development