presentation that summarise the attached report related to accounting and financial information.
5/7/2024 Financial Analysis of Saudi Aramco Prepared: Student Name Mubarak Al-Muraikhi Omar Al-Johani Mohammed Alali Student ID 200573470 202314370 202305890 1 Contents Saudi Aramco: Company Definition……………………………………………………………………………………….. 2 Introduction ……………………………………………………………………………………………………………………….. 2 Equity Shares Vs. Debts………………………………………………………………………………………………………. 3 Number of Shares Purchased & The Total Outstanding Shares: ……………………………………………….. 4 Non-controlling Vs. Controlling Interest ……………………………………………………………………………….. 4 Data Discovery ……………………………………………………………………………………………………………………. 5 Saudi Aramco Financial Information:……………………………………………………………………………………. 5 Saudi Aramco Operational Information:………………………………………………………………………………… 5 Saudi Aramco Industry Information: …………………………………………………………………………………….. 5 Economics literature covering the company and its industry: …………………………………………………… 5 Data Analysis ……………………………………………………………………………………………………………………… 6 Quantitative Analysis:…………………………………………………………………………………………………………….. 6 Description and Analysis of Subject Company: …………………………………………………………………………. 6 SWOT Analysis of Saudi Aramco: ………………………………………………………………………………………… 6 Macroeconomic and Microeconomic Research: ………………………………………………………………………… 8 Analysis of Macroeconomic Forces:…………………………………………………………………………………………… 8 Size in Riyals of Industry Revenues:…………………………………………………………………………………………… 9 Size Characteristics of Industry: ………………………………………………………………………………………………… 9 Do companies compete on price? Service? Product quality? (Indicate its strategy)? Why you think this is suitable strategy for it, or not, explain: …………………………………………………………………………………………. 9 Quantitative Analysis of Saudi Aramco & ADNOC: ………………………………………………………………… 11 Growth: ……………………………………………………………………………………………………………………………. 11 Profitability:……………………………………………………………………………………………………………………….. 11 Asset Management:……………………………………………………………………………………………………………… 13 Coverage:………………………………………………………………………………………………………………………….. 14 Leverage: ………………………………………………………………………………………………………………………….. 15 Overall investment Analysis …………………………………………………………………………………………………… 16 Conclusion ……………………………………………………………………………………………………………………….. 17 2 Saudi Aramco: Company Definition Introduction Saudi Aramco is an oil and gas corporation with its headquarters in Saudi Arabia. It is one of the most well-known petroleum and natural gas companies in the world. Operating since 1933, it was one of the biggest and most complex energy enterprise in the world, owning and operating a range of diverse oil assets like fields, refineries, and petrochemical industries. Siding heart of Dhahran, KSA, Aramco, in turn, is a vital component of global energy market, which plays comes under Aramco’s guardianship whereas the largest part of the world oil keeps intact. The Company is well known as one of the most significant oil producers, oil refiner, oil trader and marketer in Saudi Arabia and has a significantly impacting role in the kingdom’s economy and in global energy security. Located in Saudi Arabia. Aramco Saudi Aramco is locally and internationally a state-owned enterprise which is strategically important because of its power to influence energy policies & markets globally. Name the business and shareholding company form. Saudi Aramco’s name has an interesting origin, as it was established in 1933 through a partnership between Saudi Arabia and the Standard Oil Company of California (SOCAL), with the California Arabian Standard Oil Company (CASOC) being created to manage the agreement. Drilling began in 1935, but it wasn’t until 1938 that commercial oil production started from Dammam No. 7, which was fittingly named the “Prosperity Well”. From the late 1940s, Saudi Aramco achieved immense growth, reaching record-breaking oil production milestones. In 1949, they reached 500,000 barrels per day in crude oil output. To improve distribution, Saudi Aramco completed the Trans-Arabian Pipeline (Tapline) in 1950, linking eastern Saudi Arabia to the Mediterranean Sea and reducing export time and expenses to Europe. In 1951, they discovered the Safaniyah field, which is the world’s largest offshore oil field. Aramco’s yearly crude oil production surpassed 1 million barrels by 1958. In the 1970s, Saudi Aramco not only demonstrated its economic significance but also embraced its Saudi Arabian heritage. In 1973, the Saudi government acquired a 25% stake in Aramco, which they increased to 60% the following year. The company was then renamed Saudi Aramco. In summary, the name “Saudi Aramco” originated from a mid-20th-century partnership that reflects the company’s role as a global energy powerhouse. Ownership Structure: On the contrary, the ownership structure of Saudi Aramco arises in the corporate world unlike any other. It is a single Saudi Arabian public company that is run by the Kingdom of Saudi. As a result, the ownership structure of the company is as simple as it may be since the government completely owns and manages the company under the Saudi Arabian Ministry of Energy, Industry, and Natural Resources. 3 In the role of a state-owned enterprise, the state enterprise upholds a special legal status including some benefits and opportunities. For instance, it has the largest oil and gas reserves within the Saudi borders worldwide alongside with KSA having the largest in the world known crude oil reserves. This ownership structure which Saudi Aramco has attained, gives it a strategic position in the global energy markets, and this makes it a position where it is capable of influencing oil prices and production levels, in collaboration with OPEC (Organization of the Petroleum Exporting Countries). In that regard also, Saudi Aramco, as being a state-run company is a crucial factor in balancing economic development and diversification goals of Saudi Arabia. Such revenues which in total account for the country’s GDP will, on the side of the government, finance several social welfare programs, building infrastructures as well as initiatives aimed at the nation’s economic policies development. The property ownership systems of Saudi Aramco coincide with the hold on its natural resource by the kingdom, consequently promoting the government´s economic and geopolitical goals. Equity Shares Vs. Debts When considering investment options, it’s essential to understand the difference between equity shares and debts: When considering investment options, it’s essential to understand the difference between equity shares and debts: Equity Shares: Equity shares, in turn, provide the company ownership. The moment the investor buys equity shares they become part of the company and in return get a part of the company profit usually through a dividend. But an equity investor may also carry the risk of losses in case the company fails to perform up to expectation. Hence, they may also engage in voting the company’s pivotal issues at the annual shareholders’ meeting. Furthermore, ARAMCO has share capital of SAR 90,000 divided into 242 billion fully paid ordinary shares, utilizes equity financing to support its operations and growth. This form of financing is evident from their public offering and subsequent share capital increases. Debts: Meanwhile the debtors disburse the loans from the banks and other creditors on the condition of repaying them the principal plus interest at the specified periods of time. While debt holders, unlike shareholders of equity, do not have their share in a company, the position of debt is much stronger than that of equity. Moreover, the company issues bonds and other forms of debt financing, as seen in their financial statements that reflect various borrowings. The use of both equity and debt indicates Saudi Aramco’s strategy to diversify its financing sources to optimize its capital structure, manage financial risks, and fund expansive projects and acquisitions efficiently. 4 Number of Shares Purchased & The Total Outstanding Shares: Saudi’s Aramco, according to its initial public offering (IPO) of 2019, comprises of a pool of 200 billion stocks. The company announced that it will sell 61.4 billion Saudi Riyals worth of its shares on the Saudi Stock Exchange Tadawul, which makes it one of the greatest IPOs of the past. A single share value is also dependent on the condition of the market and investor mood swings. However, Saudi Aramco purchased 117.2 million ordinary shares from the Government as treasury shares in December 2019. The total outstanding shares of Saudi Aramco as of the end of 2023 were 242 billion fully paid ordinary shares. Non-controlling Vs. Controlling Interest The discussion on non-controlling versus controlling interests is detailed around specific equity transactions. For instance, Saudi Aramco sold a 49% equity interest in its Aramco Oil Pipelines Company and Aramco Gas Pipelines Company (subsidiary companies) to external entities, thereby creating significant non-controlling interests. These transactions are structured such that while Saudi Aramco retains the majority share, it also establishes substantial stakes for external investors like EIG Pearl Holdings and GreenSaif Pipelines Bidco, indicating a strategic maneuver to involve s 5 Data Discovery Saudi Aramco Financial Information: Saudi Aramco reported significant revenue for the year ended December 31, 2023, amounting to SAR 1,653,281 million, though this was a decrease from the previous year’s SAR 2,006,955 million. The net income for 2023 was also lower at SAR 454,764 million compared to SAR 604,005 million in 2022. Moreover, the operational costs for 2023 were SAR 988,086 million, which is lower than the SAR 1,122,296 million reported in 2022, reflecting some efficiency in operations despite the reduced income. Saudi Aramco Operational Information: Saudi Aramco operates primarily in two segments: Upstream (exploration, development, and production of crude oil, natural gas, and natural gas liquids) and Downstream (refining, distribution, and marketing of these products). The company reported segment earnings before interest, taxes, depreciation, and amortization (EBITDA) showing a significant contribution from the Upstream segment. Capital expenditures for 2023 were allocated significantly towards the Upstream segment, indicating ongoing investments in exploration and production capabilities. (Note 4). Saudi Aramco Industry Information: In financial statement details about Saudi Aramco’s strategic adaptations in response to global energy market changes, including maintaining a competitive edge through operational efficiency and cost management. It also mentions Saudi Aramco’s proactive engagement in sustainable practices and energy transition initiatives, which are crucial given the global push towards renewable energy and reduced carbon footprints. Economics literature covering the company and its industry: Saudi Aramco’s strategic responses to market dynamics, including fluctuations in oil prices and regulatory changes, are prominently highlighted in economic analyses. The company’s proactive efforts in aligning with global energy transition trends through substantial investments in cleaner technologies and robust carbon management strategies underscore its adaptation to prevailing economic theories that anticipate a significant shift in energy paradigms. This strategic positioning not only reflects Aramco’s agility in navigating market uncertainties but also demonstrates its commitment to leading in sustainable energy development, which is essential for long-term environmental and economic sustainability. 6 Data Analysis Quantitative Analysis: From a risk perspective, Saudi Aramco has exposure to foreign currency exchange risks and price risks associated with commodity trading, although these are mitigated by hedging activities and investment reviews. The company also faces credit risks, primarily from trade receivables and financial instruments, but mitigates these through a robust credit risk policy and diversification of its credit exposures. Competitively, Saudi Aramco’s advantages are underpinned by its vast oil reserves, low production costs, and comprehensive integration across the oil value chain. These factors position it strongly in the global market. However, the company must navigate challenges such as geopolitical risks in oil-producing regions, regulatory changes, and shifts towards renewable energy sources. Environmental sustainability and adapting to global warming are additional strategic challenges that could impact its traditional business model. Description and Analysis of Subject Company: Saudi Aramco operates in two main areas: Upstream, which involves finding and extracting oil and natural gas, and Downstream, which includes refining oil into products and selling them. The company also has a corporate segment that supports these activities. This structure helps Saudi Aramco manage its resources effectively and respond quickly to market changes. Financially, Saudi Aramco is well-prepared to handle market ups and downs. It uses financial strategies like hedging to protect against currency and price fluctuations, ensuring its business remains stable. Most of its big deals are made in its own currency, which helps minimize the risk of currency exchange losses. These approaches help Saudi Aramco maintain its strong position in the global energy market, even as it navigates economic changes and new regulations. SWOT Analysis of Saudi Aramco: Strengths: 1. Vast Oil Reserves: Saudi Aramco possesses some of the largest proven oil reserves globally, providing a secure and reliable source of revenue. 2. Low Production Costs: The company benefits from low production costs due to its efficient operations and access to abundant reserves, enhancing profitability. 3. Vertical Integration: Saudi Aramco’s vertically integrated business model, spanning upstream and downstream operations, provides operational synergies and value chain control. 4. Technological Advancements: Investments in technology contribute to efficient operations, particularly in exploration and production. 7 5. Financial Strength: Strong financial health, with a lot of cash flow and a cautious approach to managing its money. This strong financial position allows the company to invest heavily in growing its business and in new technologies. Weaknesses: 1. Dependency on Oil: Saudi Aramco’s heavy reliance on oil revenues exposes it to fluctuations in global oil prices and demand, posing risks to financial performance. 2. Environmental Concerns: The company faces increasing scrutiny over its environmental impact and carbon emissions, necessitating investments in cleaner technologies and sustainability initiatives. 3. Geopolitical Risks: Despite having operations around the world, most of Saudi Aramco’s assets and activities are in the Middle East. This concentration in one region makes the company vulnerable to political risks and regional instability. Opportunities: 1. Diversification into Renewables: Investing in renewable energy sources and technologies presents opportunities for Saudi Aramco to expand its portfolio and mitigate risks associated with oil. 2. Market Expansion: Growth opportunities exist in emerging markets with rising energy demand, where Saudi Aramco can leverage its expertise and resources to capitalize on new business ventures. 3. Technological Innovation: Continued investments in research and development enable Saudi Aramco to enhance operational efficiencies, reduce costs, and develop advanced solutions for the energy industry. Threats: 1. Volatility in Oil Prices: Fluctuations in oil prices, influenced by factors such as supplydemand dynamics, geopolitical tensions, and economic conditions, pose significant risks to Saudi Aramco’s financial performance. 2. Competition: Intense competition from both traditional oil majors and emerging players in the energy sector challenges Saudi Aramco’s market position and profitability. 3. Energy Transition Risks: The shift towards renewable energy and decarbonization initiatives threatens Saudi Aramco’s core business model. 4. Geopolitical Instability: Political instability in key oil-producing regions, as well as trade disputes and sanctions, can disrupt Saudi Aramco’s operations and supply chains. 5. Regulatory Pressures: Increasing regulatory scrutiny over environmental standards, carbon emissions, and climate change policies may impose compliance costs and operational constraints on Saudi Aramco’s activities. 8 Macroeconomic and Microeconomic Research: From a risk perspective, Saudi Aramco has exposure to foreign currency exchange risks and price risks associated with commodity trading, although these are mitigated by hedging activities and investment reviews. The company also faces credit risks, primarily from trade receivables and financial instruments, but mitigates these through a robust credit risk policy and diversification of its credit exposures. Competitively, Saudi Aramco’s advantages are underpinned by its vast oil reserves, low production costs, and comprehensive integration across the oil value chain. These factors position it strongly in the global market. However, the company must navigate challenges such as geopolitical risks in oil-producing regions, regulatory changes, and shifts towards renewable energy sources. Environmental sustainability and adapting to global warming are additional strategic challenges that could impact its traditional business model. Analysis of Macroeconomic Forces: The analysis of macroeconomic forces affecting Saudi Aramco reveals several key external factors that influence its operations and strategic decisions: 1. Global Oil Prices: As one of the world’s leading oil producers, Saudi Aramco is significantly affected by fluctuations in global oil prices. These are influenced by geopolitical events, changes in supply and demand, and global economic conditions. High volatility in oil prices can impact Aramco’s revenues and profits. 2. Geopolitical Stability: The Middle East, where most of Aramco’s operations are based, is often subject to political instability. This can lead to disruptions in oil production or affect global oil supply, impacting prices and Aramco’s operational stability. 3. Global Economic Growth: Economic conditions worldwide affect energy demand, especially for oil. Slower economic growth or recessions in key markets like China, the US, or Europe can decrease demand for oil, affecting Aramco’s sales and revenue. 4. Regulatory Changes and Environmental Policies: Increasing global focus on climate change has led to stricter regulations on carbon emissions and a shift towards renewable energy sources. This trend pressures oil companies, including Aramco, to invest in cleaner energy technologies and adapt their business models. 5. Exchange Rate Fluctuations: Since Saudi Aramco conducts transactions in various currencies but reports its earnings in Saudi Riyals, fluctuations in exchange rates can affect its financial results. The strength of the US dollar has a significant impact since oil prices are typically dollar denominated. 9 Size in Riyals of Industry Revenues: The energy industry is crucial for Saudi Arabia’s economy and generates a lot of money, comparable to other major sectors. While the exact revenue figures can change due to market conditions or oil prices, they generally reach into the billions of Saudi Riyals. For Saudi Aramco to maintain its value and strengthen its position in the market, it’s important to invest in other areas like chemicals, marketing, and engineering technologies. This expansion can help increase the total revenues of the industry Size Characteristics of Industry: The oil and gas industry in Saudi Arabia is known for its large scale, extensive infrastructure, and critical role in the global energy market. With significant oil reserves and high production levels, Saudi Arabia is one of the top oil producers worldwide. The industry spans various segments, including exploration and production of oil and gas (upstream), refining and chemical processing (downstream), and transportation and distribution of oil and gas (midstream). The industry also extends into other economic sectors like manufacturing and transportation, further boosting its size. The progress of the oil and natural gas sector in Saudi Arabia is influenced by both macroeconomic and microeconomic factors, as well as industry-specific dynamics. Understanding these elements is crucial for market participants to take advantage of opportunities and navigate competitive challenges effectively. Saudi Aramco, a leading global oil company, competes with other major companies like ADNOC. Their competitive strategies vary based on market position, focus on operations, and geographic reach. Do companies compete on price? Service? Product quality? (Indicate its strategy)? Why you think this is suitable strategy for it, or not, explain: The competitive strategy in the oil industry often hinges on a few key factors, primarily focusing on cost leadership (Price strategy). Many companies strive to secure low-cost production methods for oil and gas. Being vertically integrated and having significant scale advantages, particularly when bolstered by state ownership or substantial capital resources, can provide a competitive edge. This enables these companies to produce oil at a lower cost compared to competitors, allowing them to offer competitive pricing to their customers. This strategy helps in increasing market share and maintaining a strong presence in the global oil sector. In terms of product quality (Quality strategy), it can be a significant competitive differentiator. Quality in the oil industry may refer to the characteristics of the crude oil itself, such as sulfur content and density, or to the standards of processing and refinement. Higher quality oil, which demands higher prices, can also lead to reduced processing costs for refiners, enhancing profitability. 10 Service quality (Service strategy) also plays a crucial role in competitive strategy. Excellent customer service can lead to higher customer satisfaction, fostering loyalty and potentially increasing demand. Services such as timely delivery, effective customer support, and flexible terms can significantly enhance a company’s competitive position in the oil industry. In short, these strategies are very effective in the oil industry because it operates worldwide, oil is a crucial product, and it affects many different areas of the economy. So, in my opinion, the low-cost leadership model that Saudi Aramco uses is the right choice because of Saudi Aramco’s strong position in low-cost production and large-scale operation. Being a giant in the industry must mean affordable operations for Saudi Aramco that helps to maintain market advantage which in term, safes profitability, especially when market is price volatile, and demand fluctuates. 11 Quantitative Analysis of Saudi Aramco & ADNOC: Growth: 1. Saudi Aramco Revenue in 2023: 1,856,373 SR Revenue in 2022:2,266,373 Revenue decrease by 18.09% from 2022 to 2023 2. ADNOC Revenue in 2023: 34,629,178 Revenue in 2022: 32,111,061 Revenue increased by 7.84% ADNOC’s revenue growth could indicate a stronger market adaptation or favorable regional market conditions compared to Saudi Aramco. Meanwhile, the decline for Saudi Aramco suggests potential challenges that could be internal, such as operational inefficiencies, or external, like adverse market or geopolitical conditions. Profitability: 1. Saudi Aramco 1-Return on Equity = ROE = 454,764 / (1534607+1448916)/2 = 0.3048 The company is using its shareholders’ equity very efficiently. For every dollar of equity, the company generates 30 cents of profit. 2-Return on Asset = ROA = 454,764 / ((2,477,940+2,492,924)/2) = 0.1829 3- Gross Profit % = Gross Profit = Rev- cost of goods sold (Purchases + Producing and Manufacturing Costs) = 1653281 – (471,225+96,523) = 1,085,533 Percentage (%) = 1,085,533/1653281 = 0.65. This indicates that for every 1 SAR earned in revenue, approximately 0.65 represents the gross profit. 12 4- Net Profit Margin = = 454,764/ 1653281 = 0.275 This means that for every 1 SAR earned from revenue, about 27.51% was retained as net profit. 5) Earnings per Share (EPS) = EPS = 454,764/243,462 = 1.86 2. ADNOC 1-Return on Equity = ROE = 2,630,489/3,795,833 =0.693 2-Return on Asset = ROA = 2,630,489/18,891,629 =0.1392 3- Gross Profit % = GPP = 28,792,893/34,629,178 = 0.831 4- Net Profit Margin = NPM = 2,630,489/34,629,178 =0.0759 13 5) Earnings per Share (EPS) = EPS = 2,630,489/ 10,000,000 = 0.263 AED per share Asset Management: To say a company has good asset management, we need to evaluate current ratio and asset turnover ratio. 1. Saudi Aramco Current Assets (2023): 716,311 million SAR Current Liabilities (2023): 151,553 million SAR Total Revenue (2023): 1,653,281 million SAR Total Assets (2023): 2,477,940 million SAR 1. Current ratio = CR= 716,311 / 151,553 = 4.73 2. Asset Turnover Ratio = ATR = 1,653,281/2,477,940 = 0.67 These ratios show that Saudi Aramco has high liquidity with a Current Ratio of 4.73, indicating robust financial health in terms of meeting short-term obligations. The Asset Turnover Ratio of 0.67 suggests that each SAR of total assets generated approximately 0.67 SAR of sales in 2023. So as result ARAMCO has a strong Asset management. 14 2. ADNOC: • • • • Current Assets (2023): AED 8,813,556 thousand Current Liabilities (2023): AED 7,551,999 thousand Total Revenue (2023): AED 34,629,178 thousand Total Assets (2023): AED 18,891,629 thousand 1. Current ratio = CR = 8,813,556/7,551,999 = 1.17 2. Asset Turnover Ratio = ATR = 34,629,178/ 18,891,629 = 1.83 These ratios indicate that for every AED 1 of current liabilities, ADNOC has AED 1.17 of current assets, showing good liquidity. The Asset Turnover Ratio suggests that for every AED 1 of assets, ADNOC generated approximately AED 1.83 in revenue, demonstrating effective use of asset. But not effective as ARAMCO. Coverage: Coverage ratio compares the cash from operations to the cash needed to make required interest payments. Which is important to measure a company’s ability to meet its interest obligations from its earnings before interest and taxes. 1. Saudi Aramco: • • Operating Cash Flow: SAR 537,814 million for 2023. Interest Expense: SAR 8,186 million for 2023. = 537,814/8186 = 65.71 15 2. ADNOC: • • Operating Cash Flow: AED 5,099,822 thousand for 2023. Interest Expense: AED 95,567 thousand for 2023. = 5099822/95567 = 53.36 As a result, both companies demonstrate strong cash coverage ratios, indicating healthy liquidity positions. Leverage: Leverage ratios measure the extent to which a company is financing its operations through debt compared to its own funds or equity. As now we compare both SAUDI ARAMCO and ADNOC in term of Dept to Equity Ratio. • Saudi Aramco: 1. Total Debt (2023): SAR 290,147 million 2. Total Equity (2023): SAR 1,737,092 million 3. Total Assets (2023): SAR 2,477,940 million = 290,147 / 1737092 = 0.167 • ADNOC 1. Total Debt (2023): AED 5,492.28 million 2. Total Equity (2023): AED 3,795.83 million 3. Total Assets (2023): AED 18,891.63 million = 5492.28/3795.83 = 1.448 From the above, Saudi Aramco has lower leverage which is better than ADNOC. 16 Overall investment Analysis Investment Analysis – Saudi Aramco: Date of Purchase: February 15, 2024 Current Date: May 5, 2024 Initial Investment Amount: SAR 1,000,000 Stock Price on February 15, 2024: SAR 31.95 per share Number of Shares Purchased: SAR 1,000,000 / SAR 40 = 31,299 shares Current Stock Price on May 5, 2024: SAR 30 per share Value of Investment on May 5, 2024: 25,000 shares * SAR 30 = SAR 750000 (loss of 250000). Analysis: Based on our analysis, Saudi Aramco stands out as a top performer in the oil industry, thanks to its strong financial health, significant revenue growth, and high profitability, which stem from its efficient operations and low production costs. With its low debt levels and solid liquidity, Aramco is well-equipped to handle market ups and downs. The company also plays a crucial role in setting global oil prices due to its extensive activities in production, exploration, and refining. Given these strengths, our recommendation is to hold onto Aramco’s stock for the long term, as the company’s solid financial footing suggests that its stock price is likely to increase, potentially yielding substantial profits in the future. 17 Conclusion Saudi Aramco stands out as a leading force in the global oil industry, thanks to its strong financial health and strategic market position. The company’s high revenue and profit are driven by efficient operations and low production costs, distinguishing it from competitors. With its prudent use of debt and solid liquidity, Aramco is well-equipped to handle financial obligations and market changes effectively. Aramco’s impact on global oil prices is strengthened by its broad activities in production, exploration, and refining. Even with fluctuations due to changes in oil prices and geopolitical challenges, Aramco remains financially stable, supported by strategic backing from the state. Furthermore, Aramco is actively diversifying its energy sources, investing in renewable energy to align with global shifts towards cleaner energy. This not only reduces risks linked to reliance on oil but also sets the stage for future growth. In summary, our analysis shows that Saudi Aramco is well-positioned to succeed in a changing energy market, continuing to play a crucial role in the energy industry. For investors, Aramco offers a promising long-term investment opportunity, combining stability and potential for growth due to its solid financial base and proactive strategies.
Collepals.com Plagiarism Free Papers
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we'll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Get ZERO PLAGIARISM, HUMAN WRITTEN ESSAYS
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.
