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Economic Development and Outreach
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Saudi Aramco drilled four discoveries in central Saudi Arabia, striking super light oil at one location and super light oil with a gas cap at three other sites. The company is now responsible for 77 oil and gas fields throughout the Kingdom, including 17 in central Saudi Arabia. In the Eastern Province, Saudi Aramco discovered large supplies of sweet gas on the eastern and southwestern flanks of the Ghawar field. The company maintained a maximum sustained crude oil production capability of 10 million bpd. That capability was reestablished in 1994 in a program designed to meet customers' requirements through the end of the century. Saudi Aramco acquired 50 percent of two Greek petroleum companies, Motor Oil (Hellas) Corinth Refineries S. A. and Avinoil Industrial and Maritime Oil Company S. A., launching its first downstream refining and marketing partnership in Europe. Previously, Saudi Aramco had established refining and marketing joint ventures in the United States (Star Enterprise with Texaco), in the Republic of Korea (with SsangYong Oil Refining Company) and in the Philippines (with Petron Corporation). In Saudi Arabia, the company has refining joint ventures with Mobil in Yanbu and with Shell in Jubail. The six joint ventures have a total refining capacity of over 2 million bpd. The company's five domestic refineries at Riyadh, Ras Tanura, Rabigh, Yanbu and Jiddah have a combined capacity of over 1 million bpd. As previously mentioned, Saudi Aramco also assumed the interest of the General Petroleum and Mineral Organization (Petromin) in two joint-venture lube-oil companies in Jiddah, Luberef and Petrolube. Saudi Aramco now owns 70 percent of Luberef and 71 percent of Petrolube, and Mobil owns the remainder of the companies.
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