Supreme Council for Petroleum and Mineral Affairs

In January, 2000, a Supreme Council for Petroleum and Mineral Affairs (SPMC) was set up by Royal decree issued the Custodian of the two Holy Mosques King Fahd Bin Abdul-Aziz.

The council was set up to operate for four years renewable by royal decree. The Council has the final word on all affairs of petroleum, gas and other hydrocarbon Materials including, for instance:

1 - Fixing and deciding the policies and strategies for petroleum, gas and other hydrocarbon materials in light of national circumstances and interests. This includes determining the size of production, deciding the pricing plans of different fuel sources in the Kingdom.

2 - Setting the general policy for the Saudi Aramco company, particularly:

a) Endorsing the company's five-year plan including its program to produce crude oil and its program for exploration for new reserves of hydrocarbon materials and developing them.

b) Endorsing the company's five-year program for capital future investments

c) Appointing the company's chairman upon a nomination by the board of directors

d ) Appointing an auditor and fixing his financial compensations

e) Reviewing the auditor's report and endorsing the company's budget and profit and loss accounts

f) Accrediting the annual report of the board of directors and acquitting the board of directors for the year in question

g) Deciding whether to increase, decrease the capital of the company or allow others to contribute in it

h) Fixing the salaries of the chairman and members of the board of directors

i) Appropriating any increase in the net value of the rights and assets of the company either to increase its capital or transfer it to the company's reserves

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Profile of Saudi Arabia

The Country Profile contains thousands of pages of information on every aspect of the Kingdom of Saudi Arabia, including its geography, history and development (political, economic and social).