Saudi Aramco executives Monday officially opened the new Aramco Overseas Company (AOC) office in Shanghai, People's Republic of China. The office will focus on the strategic sourcing of new companies involved in manufacturing and contracting of material for Saudi Aramco, AOC's parent company, creating significant business opportunities for Chinese businesses through Saudi Aramco's massive capital programs.
Saudi Aramco's long-range plan is to focus on the emerging markets in China, through the strategic location of the Shanghai office in this region of rapid industrial development and commercial activity. The main function of the AOC office is to identify and assess manufacturer capability and performance, concentrating on material supply services and inspection against Saudi Aramco's critical commodities requirements.
"This is another step along the path of good relations between China and Saudi Arabia," said Esam A. Mousli, Saudi Aramco's vice president of Materials Supply, who officially inaugurated the Shanghai office. "The growing significance of China as an emerging giant in the industrial world made us quite confident that Chinese manufacturers will play a major role in contributing to Saudi Aramco's supply chain."
He added; "The office in Shanghai will focus on strategic sourcing of commodities and services from China. The business generated here will depend on the availability, pricing and quality of services offered by Chinese manufacturers and contractors. Saudi Aramco continues to source materials from other parts of Asia, the Middle East, Europe and North America. By using Shanghai as a centre, we can cover other regions in China."
On Nov. 11, Aramco Overseas Company opened a similar office in Kuala Lumpur, Malaysia. The opening of these two new offices reflects the growing importance of the Asia Pacific region to Saudi Aramco, not only as a market for its crude oil and products, but also as a provider of essential goods, materials and services.
The Shanghai office is centrally situated in the commercial heartland of China, surrounded by a number of world's foremost corporations. It has a complement of seven staff members under direct supervision of AOC.