Page 12 - MEOG Week 17 2022

MEOG NEWS IN BRIEF MEOG

POLICY 100 US patents over a period of 78 years. In affirmed the Long-Term Foreign & Local
2021 alone, we were awarded 864 patents — Currency Issuer Default Ratings (IDR) at ‘A’.
Iranian and Iraqi ministers ranking us first in the oil and gas industry its majority shareholder Saudi Arabia, given
Aramco’s rating is constrained at that of
and in the top 50 list of all companies and
meet universities that received US patents in 2021,” the close links between the company and the
Aramco’s Chief Technology Officer Ahmad
sovereign. We assess Aramco’s Standalone
Iranian Minister of Petroleum Javad Owji and Al-Khowaiter told Arab News. Credit Profile (SCP) at ‘aa+’. Aramco’s Short-
the Minister of Electricity of Iraq emphasized The patents come when developing energy term IDR of ‘F1+’ is equalised with that of the
the development of cooperation between the breakthroughs are more critical than ever. sovereign.
two countries in the oil and gas sector. The demand for low-carbon energy and Aramco is the world’s largest oil producer
Javad Owji today (Wednesday, April 27) sustainable practices has resulted in a pressing and the national oil company of Saudi Arabia.
in a meeting with Adel Karim, Minister of need for new technologies and scientific Its financial profile benefits from strong pre-
Electricity of Iraq and his accompanying advancements. dividend free cash flow (FCF) generation and
delegation stressed the need to further “Over the past 20 years, we invested conservative leverage. Its business profile is
develop cooperation in the field of oil and gas, heavily in innovation as part of our corporate characterised by large scale production, vast
and said: “I hope good decisions will be made culture to improve our operations’ long-term reserves, low output costs and expansion into
during your stay in Iran.” sustainability and efficiency, which resulted in downstream and petrochemicals. Its upstream
In this meeting, the Iraqi Minister of a rapid growth of our patent portfolio,” said operations focus on a single country and,
Electricity called Iran a friendly country, Al-Khowaiter. compared with global oil and gas majors,
and added: “I am happy to meet you for the Aramco’s focus on advancing sustainability its operations are skewed towards crude oil
second time, we are your friends and we technologies has led to one of the lowest crude production.
would like the cooperation between the two oil production carbon intensities among all Aramco’s rating is constrained by that
countries to continue.” significant producers globally. of Saudi Arabia in accordance with Fitch’s
During the meeting, the two sides stressed Also notable is its focus on simulation and Government-Related Entities (GRE) Rating
the need to further develop cooperation, modelling, advanced materials, and artificial Criteria and Parent and Subsidiary Linkage
especially in the gas sector. intelligence, adding to the breadth of its (PSL) Rating Criteria. This reflects the
SHANA research and technology capabilities. influence the state exerts on the company
“While patents are a leading indicator of through strategic direction, taxation
innovation, the ultimate goal is to create value and dividends, as well as regulating the
COMPANIES by developing competitive solutions for our level of production in line with OPEC+
business and sustainability challenges,” added commitments.
Aramco leads global Al-Khowaiter. FITCH
ARAB NEWS
innovation wave Top McDermott executive

Energy giant Aramco has consolidated its Fitch revises Aramco set for surprise exit
position as the leading innovator in the oil outlook to positive
and gas sector and featured in the top 50 list of Samik Mukherjee, the chief operating officer
all companies and universities granted patents Fitch Ratings has revised Saudi Arabian of US-based engineering and construction
by the US patent and trademark office said a Oil Company’s (Saudi Aramco) Outlook to giant McDermott, is set to exit the company
senior company official. Positive from Stable following a similar rating next month, according to multiple sources.
“Until 2011, we had only been granted action on Saudi Arabia (A/Positive/F1+) and Mukherjee was named as the company’s

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