Aramco Says July Attacks Had No Material Impact on Operations

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessAramco Says July Attacks Had No Material Impact on OperationsSaudi Aramco said attacks on its assets last month have had no material impact on its operations, and the company is working to expand its oil export capacity as the Strait of Hormuz remains disrupted by the Iran war.Author of the article:Anthony Di Paola and Alex Longley You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — Saudi Aramco said attacks on its assets last month have had no material impact on its operations, and the company is working to expand its oil export capacity as the Strait of Hormuz remains disrupted by the Iran war.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountChief Executive Officer Amin Nasser made the comments on a call, after the Saudi energy giant reported that key infrastructure was targeted in July attacks. It’s the first time the company has acknowledged the incidents since they happened, after oil traders were poring over images of what appeared to be tank fires and flaring at various sites across the kingdom last month.“Certain facilities of the company were targeted and the impact was not material operationally or financially,” the CEO said. “The same thing applies for July. No material impact on our capabilities, even with the July attacks.”Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againSince the Iran war started, Aramco has diverted much of its export volume to the country’s western port of Yanbu due to the persistent disruption to flows through Hormuz. Nasser said the company is continuing to look at ways to expand its export capacity, including potentially increasing the size of the east-west pipeline that so far has proved a vital lifeline to both the kingdom and the oil market during the war. “Right now we are looking at all of that and we are trying to be ready for the future with additional optionality and capability for our exports,” Nasser said. Saudi authorities reported attacks on the country last month and Aramco said it defers to the government in discussing security issues. This is the first time Aramco has commented on operational impacts since the latest round of strikes and didn’t provide specifics on which facilities suffered damage or were still being repaired.While Nasser acknowledged there had been some interruption to operations, he said the company’s full production capacity of 12 million barrels a day remained available. Aramco could ramp up to that level within three weeks if asked to do so by the government, he added.Threats from Yemen’s Houthi militant group to Saudi exports in the Red Sea haven’t impacted export volumes, the CEO said. The group last month said it would impose a blockade on Saudi shipments. The kingdom is working on contingency plans around the waterway, Nasser said. Aramco earlier reported a 33% increase in second-quarter profit to $33.4 billion as it benefited from a war-driven surge in oil prices. That exceeded the combined earnings of ExxonMobil Holdings Corp. and Chevron Corp. This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.