Al-Falih, who has held the top spot at Aramco since 1 January 2009, sits at the head of the largest oil company by value in the world. With a workforce of around 60,000, crude oil reserves of 260 billion barrels of oil and revenues of between $2 and $7 trillion in 2010, the superlatives just keep on coming for Saudi Aramco. It is also widely believed to be the most profitable company in the world.
Earlier this year, Al-Falih announced Aramco’s plans to invest $35 billion into restructuring the company.
Falih is keen for Aramco to capture more of the value chain from the oil it produces, and eventually become an integrated petrochemicals and refining hub for key Asian markets as the industry trends shift over the next few decades. The company has also been changing its priorities in response to the advent of unconventional exploration, halting further investment in adding production capacity. Aramco is also looking to expand internationally.
The banner project of this Accelerated Transformation Programme, under which Aramco hopes to become the world’s largest integrated energy company, is a massive $20 billion joint venture with Dow Chemical, with the Yanbu export refinery expansion and $7 billion Jizan refinery also sparking huge tendering activity.
Al-Falih also sits on the Saudi Arabia Supreme Council of Petroleum and Mineral Affairs.