1990 – Oil production increased dramatically to stabilize world market in response to Gulf crisis. Exploration extended to include the Red Sea coastal plain and territorial waters.
1991 – Company helps successfully combat Gulf oil spill. Saudi Aramco subsidiary buys 35 percent of Ssang Yong Oil Refining Co. Ltd. (now S-Oil Corp.) in Republic of Korea.
1992 – A Saudi Aramco subsidiary buys 35 percent of SsangYong Oil Refi ning Co. Ltd. (now S-Oil Corporation) in the Republic of Korea.
1993 – Royal decree consolidates virtually all of the Kingdom’s refineries, petroleum product distribution facilities, and Government’s share in joint ventures, into Saudi Aramco.
1994 – Maximum sustained crude oil production capacity is returned to 10 million bpd. The company acquires a 40-percent equity interest in Petron, the largest refiner in the Philippines.
>> Global Reach
1995 – Program to build 15 advanced 1996 supertankers for Vela International Marine Ltd. is completed. Saudi Aramco CEO and President Ali I. Al-Naimi named Minister of Petroleum and Mineral Resources. Rabigh Refinery integrated into company operations.
1996 – Saudi Aramco enters its fourth joint venture, purchasing 50 percent of Motor Oil (Hellas) Corinth Refineries S.A. and Avinoil Industrial Maritime Oil Co. S.A. in Greece.
‘To succeed in the global economy we must continue, all of us to cross new boundaries, both philosophical and geographical – some familiar, some difficult, all challenging.’
Hisham M. Nazer, Minister of Petroleum and Mineral Resources, in 1992.
In the 1990s, Saudi Aramco continued to evolve from an oil producer to a fully integrated oil and gas company, with operations in exploration and production, and in refining, marketing and international shipping. The company developed a truly global reach during the decade. forging partnerships in North America, Europe and Asia. The exploration program initiated in the ’80s was a continuing success. In the 16 years following the Hawtah field discovery in 1989, there were 41 more oil and gas discoveries across Saudi Arabia.
1997 – Crown Prince ‘Abd Allah ibn ‘Abd Al-‘Aziz inaugurates the company’s newest producing center at al-Hawtah, south of Riyadh.
1998 – Saudi Aramco, Texaco and Shell establish Motiva Enterprises LLC, a major refining and marketing joint venture in the southern and eastern United States.
1999 – HRH Crown Prince ‘Abd Allah inaugurates Shaybah field. The DhahranRiyadh-Qasim multi-product pipeline and the Ras Tanura upgrade project completed.
Saudi artist Fawziah Al-Abdelatif working on her painting. Jiddah, July 1998. Photo by: A. Y. Al-Dobais
Driller at the offshore drilling platform with the moon and birds at the background. Abu Ali, September 1990. Photo by: S. M. Amin
View of two young Saudis looking at the sun dial in the Aramco oil exhibit. Dhahran, 1990. Photo by: S. M. Amin
Saudi Aramco aviation maintenance crew on routine maintenance work at Dhahran hangar, February 1995. Photo by: A. G. Waine
Exploration at Shaybah, 1993. Photo by: S. M. Amin