The FINANCIAL — Saudi Aramco Senior Vice President of Refining, Marketing and International Khalid G. Al-Buainain did double duty when he inaugurated both the Aramco Overseas Company (AOC) Hong Kong office and the new Hong Kong office of Saudi Aramco Sino Company (SASC), a wholly owned subsidiary of Saudi Aramco.
According to Saudi Aramco, the AOC/SASC Hong Kong office inauguration ceremony was attended by AOC and SASC staff and marks the transition between what was merely a development office for the Fujian project, to the hub of Saudi Aramco operations in the Asia Pacific region. The move also indicates the increasing emphasis that Saudi Aramco’s places on its relationships in the region.
With the change in its charter, AOC and SASC Hong Kong offices will now manage Saudi Aramco’s interests and investments in Asia. The Asia Joint Venture portfolio currently has four investments located in three Asian countries and cultures. S-Oil in the Republic of Korea, Showa Shell in Japan, , Fujian Refining and Petrochemical Company limited (FREP) in China and Sinopec SenMei (Fuijan) Petroleum Company Limited (SSPC) in China. The portfolio process around 1.3 million barrel per day of crude oil, 90% of which is Arabian crude. In addition, the Asian Joint Venture portfolio produces around 6,300 metric tons per annum (MTA) of petrochemical products and 1,300 MTA of high quality group II and III base oil.
The Investment Analysis and Support Division (IASD) will be on site to identify and develop potential downstream investment opportunities in the Asia region that are in line with Saudi Aramco’s investment criteria. IASD consists of four sub-units: Investment Analysis, Marketing Study and Intelligence, Financial Analysis and Technical/Petrochemical Analysis.
In addition to joint venture activities, AOC Hong Kong office will provide career development and human resource support services to Saudi Aramco. The presence of the Career Development (CD) Group in AOC Hong Kong represents a strong commitment to grow both student numbers and student support levels in the Asia Pacific region. The group now has a substantial team of advisers and in-country representatives overseeing the day to day requirements and monitoring of the company's 140 students located in Australia, China, Korea, Japan, and New Zealand.
Human Resources (HR) will play a major role in providing support services to chapter 8 employees based in various Asian countries such as: Hong Kong, China, Japan, Korea, Singapore, and Malaysia. HR services, which are conducted in collaboration with Dhahran and Leiden Personnel Groups, include: Personal Effects Shipment, Travel Allowance Payments, Educational Assistance, and Vacation Processing. HR also offers advisory services to the concerned Asia employees on policies concerning their Chapter 8 assignment.
Like ASC in the US and AOC in Leiden, the AOC/SASC office in Hong Kong will be the flagship office for company operations in the Asia Pacific region.