Saudi Aramco participated in the 2008 GCC Europe Expo that took place on Nov. 12-13, as part of an exclusive opportunity to highlight its major role in the world's economy. The event was first of its kind and aimed to facilitate bilateral trade and investment, and forge potentially thousands of new commercial relationships between EU and GCC businesses. According to Saudi Aramco, the Expo included over 150 companies, a two-day seminar program and featured specific European and GCC country regional zones. England's Prime Minister, Gordon Brown, delivered a personalized video message of support at the opening ceremony. Lord Mandelson, Secretary of State for Business and Regulatory Reform, highlighted “the partnerships being forged, between our businesses and yours, will result in closer economic integration and increased prosperity.” Dr. Afnan Al-Shuaiby, secretary- general and chief executive, Arab-British Chamber of Commerce was delighted with Saudi Aramco's involvement. “Having such an important name in the industry participate, greatly enhanced new business opportunities.” Executive Director of Saudi Aramco Affairs Khaled Al-Buraik addressed a gala dinner hosted by Saudi Aramco and attended by dignitaries from the GCC, Europe and the UK. Buraik's speech stressed the importance of strategic alliances or relationships as a means of surviving and thriving in challenging times, and highlighted Saudi Aramco's 75 years of achievement as a reliable supplier of energy. Buraik said “for 75 years, Saudi Aramco has built a reputation on energy for generations, including our demonstrated commitment to our European customers. And as we embark on our next 75 years as a corporation, we remain committed to Europe's access to the stable energy supplies on which economic development, greater prosperity and the flourishing of opportunity depend.” Meanwhile, Saudi Aramco has notified Japanese oil distributors that it will reduce crude oil supplies to Japan by about five percent in December, Japan's leading business daily reported Wednesday. The move is in line with the decision made in October by the Organization of Petroleum Exporting Countries (OPEC) to reduce production, the Nikkei Shimbun said, adding that this will be the first time in 22 months for Saudi Aramco to cut supplies to Japan, the world's third-biggest oil importer after the US and China. Saudi Aramco is the largest supplier of crude oil to Japan, accounting for 27 percent of the nation's imports. Saudi Aramco produces about seven million barrels a day (bpd) for export. Of the OPEC production cut of 1.5 million bpd, Saudi Aramco is to reduce daily output by 466,000 barrels. This means that of the 3.5 million to 4.0 million barrels intended for Asia, Saudi Aramco will cut daily shipments by 200,000 barrels, the daily said. The reduction amount is to be revised every month, but it is seen as likely that the cut will be kept in place. Saudi Aramco has already scaled back supplies to North America and Europe, starting this month, and now ships 3 million to 3.5 million bpd into those markets. In cutting supplies to Asia, it will mostly reduce shipments of heavier crude grades. Although the move will tighten domestic supplies of such oil products as gasoline and kerosene, it is unclear how prices will be affected because demand continues to slump, the report said. Some experts point out that the supply-demand balance will not improve unless there are sharp cuts in light crude oil, which is refined to make gasoline, naphtha and kerosene. - Agencies Gold demand rises in Kingdom Demand for gold in the Saudi market surged as over SR13 billion were spent on the yellow metal during the last two weeks alone. Demand is expected to rise still higher as more investors turn to gold as a safe haven in the midst of the global financial crisis, according to market insiders. Sami Al Mohna said the trend had resulted in a substantial rise in the gold reserves.
