The brand value of Saudi Aramco became the most valuable brand in the Middle East for the year 2023 from the “Brand Finance Global 500”, increased by 4% to $ 45.2 billion.
The report includes the 500 most powerful brands in the world, as the brand value of Saudi Aramco increased by 3.7% compared to last year, reaching $45.2 billion. Aramco’s position also advanced at the global level, to occupy the twenty-ninth position.
In a short time, Saudi Aramco has evolved from an oil corporation that focuses heavily on production to a company whose operations extend around the world. It is also the world’s leading exporter of crude oil and natural gas liquids.
In an important step to enhance progress, Saudi Aramco is accelerating the pace of commercialization of its pioneering technologies for converting crude oil into chemicals, thus becoming the world leader in the petrochemical sector.
According to Aramco, the technologies for converting crude oil into chemicals allow for increasing the amount of production of chemicals with High value, while minimizing the carbon footprint associated with the use of the company’s oil.
Aramco achievements
In Entrepreneurship KSA through the following lines of this report, we discuss Aramco’s achievements:
Aramco acquires largest oil refinery in North America
As part of its endeavor to expand its presence in North and South America, Saudi Aramco acquired the US firm Motiva Trading. Aramco acquired about 100% of the company. In the same direction, Aramco also launched a subsidiary company based in Texas – Aramco Trading Americas – and the new entity will be the sole supplier for Motiva Enterprises, which owns the largest oil refinery in North America with a capacity of 630,000 barrels per day of consumer and commercial fuels and base oils.
The acquisition of the US Motiva Trading Company and the establishment of Aramco Trading Americas is a major step towards implementing the company’s ambitious strategy for global growth, which aims to expand its geographical scope and scope of operations while further enhancing the flexibility of its products and options.
Aramco acquires Valvoline Global Products
In the third quarter of last year, Saudi Aramco signed a purchase agreement to acquire Valvoline Global Products, a subsidiary of the American company Valvoline, for a total value of $2.65 billion.
Valvoline is a leading global company with a long and well-established history in the field of producing and distributing premium lubricants, with well-known brands, for automobiles and industrial uses, as well as automotive chemicals.
According to Aramco’s statement, the company will benefit from Valvoline’s strong manufacturing and distribution network, its strong partnerships with users and suppliers, and its 150-year global brand reputation. Under the agreement, Valvoline will focus on its market-leading retail services business, including It will enhance its growth path and service model.
Localization of the drilling rig manufacturing sector
Saudi Aramco launched, at the beginning of the last quarter of last year, Arabian Rig Manufacturing (ARM), which aims to manufacture drilling rigs and equipment and provide after-sales services in Ras Al-Khair. This step comes as part of the company’s efforts to support the localization of the drilling rig manufacturing sector, promote economic growth and job creation, and develop local capabilities in line with the Kingdom’s Vision 2030.
The joint drilling rig manufacturing project between Saudi Aramco and NOV represents a milestone in positioning the Kingdom as a prestigious center not only for global energy supplies but also for industries and services related to the energy industry in the Middle East and North Africa region.
Establishing a petrochemical complex
The Saudi Arabian Oil Company (Aramco) and TotalEnergies revealed in December, that they have taken the final investment decision for the construction of a world-scale petrochemical facility in Saudi Arabia. The ‘Amiral’ complex will be owned, operated, and integrated with the existing SATORP refinery located in Jubail on Saudi Arabia’s eastern coast. The investment decision is subject to customary closing conditions and approvals.
The petrochemical facility will enable SATORP to convert internally produced refinery off-gases and naphtha, as well as ethane and natural gasoline supplied by Aramco, into higher-value chemicals, helping to advance Aramco’s liquids-to-chemicals strategy.
