1 MB pdf - Saudi Aramco

While a number of renewable and alternative energysources have long-term promise, they face considerabletechnical, environmental and commercial hurdles. Theirdevelopment should be pursued wisely and on the basisof commercial viability and technical feasibility.Because fossil fuels will continue to meet the lion'sshare of the world's energy needs for many decadesto come, improving their efficiency and lightening theirenvironmental footprint are among the most importantsteps that can be taken to preserve the natural worldfor future generations.The challenges faced by both energy producers andconsumers alike are considerable, but we believe theKingdom of Saudi Arabia, and by extension its nationalpetroleum enterprise, Saudi Aramco, is uniquely placedto respond to these pressing needs. Our unmatchedcrude oil reserves, our relatively low exploration anddevelopment costs, our technological prowess, ourlong experience in managing mega-projects, and ourfinancial strength position us to honor our commitmentsover the long term, both abroad and at home.... oil will remainthe largest singlesource of fuel withdemand projected torise to 116 millionbpd in 2030.Domestically, our role is to leverage the Kingdom’shydrocarbon reserves to benefit its people and expandits economy. Our program of investments and initiativesaddresses both domestic objectives and the largerenergy trends shaping the global economy.At Saudi Aramco, we understand how much the worlddepends on our activities and operations: This involvesnot just abstract supply and demand figures, but ratherthe livelihoods and living standards of billions of people.Those of us in the petroleum industry have both theresponsibility and the privilege of enabling peoplearound the globe to live fuller, more meaningful andmore productive lives, while building a still moreprosperous future for their children. This is an obligationwe take very seriously.SUPERTANKERS TAKE ON CRUDE OIL AT RAS TANURA’S SEA ISLANDTERMINAL. IN 2006, COMPANY TERMINALS LOGGED MORE THAN1,900 SHIP CALLS FOR CRUDE OIL, REAFFIRMING OUR POSITIONAS THE WORLD’S NO. 1 SUPPLIER OF PETROLEUM ENERGY.ANNUAL REVIEW 2006 11