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Company Overview

Saudi Aramco also referred to as the Saudi Arabian Oil Company, is a government-owned corporation that specializes in producing and distributing oil and natural gas. Its headquarters are in Dhahran, Saudi Arabia. It is among the world's largest and most valuable corporations. It holds the title of the world's largest and most valuable oil firm (Ramady & Ramady, 2018)

Saudi Aramco's main activities revolve around oil and gas exploration, extraction, refining, and delivery. It functions throughout the complete hydrocarbon value chain (Ramady, 2018).

Saudi Aramco possesses many of the world's largest confirmed oil reserves. The corporation is a prominent oil producer and exporter, substantially influencing global oil markets. It is a fundamental and essential component of the Saudi Arabian economy. The company's and country's primary source of government revenue is the country's financial well-being, as a substantial amount of the government's income is derived from the corporation. The corporation has a significant impact on the global oil market as it is the largest exporter of oil in the world and has control over considerable reserves. Economically, Saudi Aramco plays a crucial role in the Saudi Arabian economy. The oil and gas sector is the primary source of government revenue in the country, with Saudi Aramco making a substantial contribution to this revenue (Ramady, 2018).

Saudi Aramco prioritizes technological innovation and research in its operations. The corporation allocates resources towards cutting-edge technology to optimize operational efficiency, increase the rate of resource extraction, and minimize the ecological footprint of its operations (Almutairi, 2023).

Historical background:

In 1933, the company's origins may be traced back to when the Kingdom of Saudi Arabia entered into a concession arrangement with Standard Oil of California (later Chevron) to undertake the exploration and extraction of oil. In 1938, significant amounts of oil were found in the Dammam oil field. In the 1980s, the Saudi Arabian government progressively obtained complete ownership of Saudi Aramco.

In 2019, Saudi Aramco conducted the largest initial public offering (IPO) in the world by issuing a portion of its shares on the Saudi Stock Exchange (Tadawul). The IPO was an integral component of Saudi Arabia's overarching economic diversification agenda.

Mission, Vision, Corporate Goals:

Mission: Saudi Aramco's mission is to provide a reliable and sustainable supply of energy on a global scale. The company aims to do this while being environmentally and socially responsible (Ramady & Ramady, 2018)

Vision: The vision of Saudi Aramco is to be the world's leading integrated energy and chemicals enterprise, contributing to meeting the world's growing energy needs.

Corporate Goals:

Operational Excellence: Saudi Aramco is committed to achieving exceptional performance in every aspect of its operations, encompassing exploration, production, refining, and distribution.

Sustainability: The company is dedicated to achieving sustainable development by effectively managing economic growth while upholding environmental and social responsibilities.

Innovation: Saudi Aramco prioritizes the cultivation of new ideas and the advancement of technology to sustain a competitive advantage in the energy sector (Saudi Aramco, 2018)

The company actively seeks global alliances and investments to expand its presence and impact in the international energy sector (Ramady & Ramady, 2018)

Internationalization motive:

1. Revenue stream diversification:

Engaging in operations across various countries helps to reduce the potential negative impacts of economic downturns or geopolitical concerns that may arise in a particular location. This diversification has the potential to enhance the stability and predictability of revenue streams.

2. Entry to recently discovered deposits:

Saudi Aramco's international development enables it to tap into untapped oil and gas sources, thereby ensuring the company's long-term resource sustainability and facilitating its growth.

3. Worldwide Energy Demand:

Saudi Aramco's overseas expansion allows it to fulfill the rising global energy needs, particularly in emerging economies experiencing industrialization and urbanization (Ramady, 2018).

4. Collaborative associations and cooperative agreements:

Creating a global footprint enables the establishment of strategic alliances and partnerships with other multinational energy corporations. These collaborations can result in the pooling of resources, the establishment of partnerships, and reciprocal technological progress (Kobayashi, 2007).

5. Technological Advancement and Proficiency:

Saudi Aramco's overseas operations expose it to novel technologies and innovative practices that are prominent in various markets. This can improve the company's technological prowess and streamline its operational efficiency (Almutairi, 2023).

Final foreign country selection:

The United States would probably be the ideal location for Saudi Aramco to create a branch, based on the comparison that was presented. The following justifies this decision:

1. Economic Factors: The US market is advantageous for Saudi Aramco's natural gas and petroleum products due to its diverse economy and high GDP per capita. Furthermore, Saudi Aramco's commercial strategy is aligned with the high demand for energy goods in the United States.

2. Political Aspects: The United States is a member of the World Trade Organization (WTO), NATO, and the United Nations (UN). It also has a two-party system. These elements facilitate chances for global trade and support a stable political climate.

3. Technological Aspects: When it comes to innovation and technology, the US leads the world. Saudi Aramco may gain from this in terms of having access to cutting-edge technology and knowledge about the natural gas and petroleum sectors.

4. Legal Aspects: The American legal system prioritizes individual rights and offers robust protection for intellectual property. By doing this, Saudi Aramco's assets and interests may be protected, and its business and intellectual property will have the appropriate legal protection.

5. Transportation Factors: The US boasts a sophisticated transportation network with investments in cutting-edge systems like high-speed rail, as well as airports and railroads. This infrastructure benefits Saudi Aramco's operations logistically and makes product shipping more efficient.

6. Trade Barriers: With few tariffs and trade barriers, the US economy is comparatively open. This encourages global trade and can help Saudi Aramco's products enter markets more easily.

In light of these elements, Saudi Aramco may find that the US offers a conducive business climate and promising market opportunities for the establishment of a branch and expansion of its activities.

Assessment of alternative market entry strategies:

Exporting:

One of the market entry strategies is exporting, which involves selling manufactured commodities to a foreign market. For instance, Saudi Aramco is an example where export means providing goods and services including oil products produced in Saudi Arabia, and shipping them to foreign countries.

exporting as a market entry strategy for Saudi Aramco:

1. Crude Oil Export: Saudi Aramco was able to export crude oil as its leading product to various countries with significant consumption of oil and petroleum products. This includes exporting the oil through tankers and pipelines to foreign refineries or trading partners.

2. Refined Petroleum Products Export: In addition, Saudi Aramco exports gasoline, diesel, aviation fuel, and several types of petrochemicals, apart from crude oil. These energy and chemical products can be brought into foreign markets to provide an international supply of energy and chemical stock.

3. Oilfield Equipment and Services Export: It also specializes in oil field services & equipment since its inception. The firm may export oilfield technology, equipment, and services that can assist exploration, and production operations as well as upkeep activities in other countries.

It is however essential to mention that exporting as an entry mode entails issues related to logistics, transport, regulation compliance, and understanding cultural practices in targeted markets. This means that Saudi Aramco would have to gauge market demand, competition, and marketing channels needs to implement an export strategy successfully. (Kobayashi, 2007)

Franchise:

Franchise market entry strategy involves giving a right to operate a model, trademark, and system to a franchisee in a specific geographical territory or market. However, Saudi Aramco may not be suitable for this due to the oil industry's complex functions, such as exploration, manufacture, refining, and marketing. Traditional franchising is not suitable for the oil industry, as it requires more than replicating a successful business format and brand. Instead, Saudi Aramco could consider other methods of entering the market, such as exporting and selling oil and petrol products, building joint ventures with foreign companies, wholly-owned subsidiaries via greenfields, or undertaking acquisitions. A thorough market analysis should be conducted to determine the optimum market entry strategy for Saudi Aramco. (Al-falih, 2010)

Turnkey Project:

A turnkey project is an approach whereby a total solution or facility to a foreign client is provided complete with design, building, and putting it into function. A turnkey project means that the provider undertakes the obligation of delivering to the client the completed and ready-to-use project that will be put into operation with immediate effect.

The turnkey project strategy could be applicable in several ways:

1. Refinery Construction: However, Saudi Aramco may take up turnkey projects of building oil refineries in the international market. This involves the design, and construction of the refinery facility, putting essential equipment in place, and preparing it for operation. After completion of this project, they would hand over a fully functional refinery to the client who would in turn manage it.

2. Infrastructure Development: In addition, infrastructure-related aspects of the oil industry can also be part of turnkey projects. For instance, Saudi Aramco may be keen on constructing pipeline networks, oil storage terminals, and offshore installations for crude oil exploitation purposes. Under the turnkey approach, the project owner will have to hire an entity that will handle it from design through commissioning.

3. Upstream or Downstream Facilities: Alternatively, Saudi Aramco can provide turnkey projects in the upstream or the downstream. For example, it might involve offshore exploration activities, oil and gas plants, petrochemical plants, or electricity generating stations. For the turnkey project, the company would deliver a fully operational facility to the client, which is already prepared for production and/or processing.

The choice of the turnkey project strategy for a market entry strategy would depend on many things such as what a clients needs are, the demand in the market, regulations issues that should be considered, and competitors presence among others. For Saudi Aramco to adopt this market entry strategy, it would have to evaluate the possibility, profitability, and strategic congruence of turnkey ventures in particular markets. (Hertog, 2019)

Licensing:

Licensing is a market entry strategy where third-party organizations use a company's property, such as intellectual property, technology, or brand, in exchange for royalties or fees. In Saudi Aramco's case, licensing could involve technology licensing, where the company licenses its advanced technology for use in oil exploration, production, refining, or other specialized processes. Brand licensing allows the company to license its brand name and trademarks to other firms operating in similar fields, allowing them to use the reputable Saudi Aramco brand in marketing their products and services. Intellectual property licensing allows the company to use its patented secrets, trade secrets, and intellectual property to generate revenues. However, licensing arrangements must be carefully negotiated, considering factors such as market attractiveness, compatibility of the license's assets with other businesses, and financial or strategic benefits for Saudi Aramco. (Kobayashi, 2007)

Final market entry strategy selection:

Exporting is Saudi Aramcos best mode of entry since it enjoys high market demand, competitive advantage, flexibility, and scalability. Therefore, the production capability and already developed framework help put the firm among major competitors on the world market. This strategy is possible as companies allow exporting to vary their customers' basin, avoid risk, take advantage of new possibilities, and satisfy specific demands and conditions in different countries.: this is possible as companies allow exporting to vary their customers' basin, and to avoid risks.

Saudi Arabias set-up logistical network makes the export of oil/petrochemicals easy. Saudi Aramco exports its products outside the country, thereby enabling them access to a variety of international markets and customers who can purchase the firms products.

Lastly, exporting corresponds to Saudi Aramcos main activity which is oil and gas production, optimizing resources and assets utilization to get direct access to various worldwide commodity exchanges across the globe. Thus, the firm can remain in charge of operations, pricing, and branding for uniformity and superiority across the value chain.

Turnkey projects, licensing, and other means of entering the market would be useful for another purpose but an exporting mode will best suit Saudi Aramcos capabilities and its specialty in the oil industry. This helps the company exploit its existing production assets by making them flexible, enabling the firm to operate in an efficient way that capitalizes on the best possible changes in marketing dynamics. (Alotaibi, 2019)

International Expansion of Aramco Company and Saudi Vision 2030:

Saudi Arabia launched its program for comprehensive change known as Saudi Vision 2030, which is a more recent program for transformative governance and sustainability. The visions help in setting up ways of expanding the economy and making provisions for social amenities such as health infrastructure, and facilities for tourism, leisure, and education while pursuing clean energy. It has also partnered with the International expansion project of Aramco (the Saudi Arabian Oil Company) in support of the Saudi Vision 2030. It takes advantage of Aramcos know-how and capital for identifying growth markets and foreign investment opportunities around the world. Aramco strives to diversify its foreign operations in search of alternative sources of income apart from the revenues based on energy exporting. this is why it goes along with several objectives within the Saudi Vision 2030, which includes international expansion. The first issue is about the need for more involvement of the private sector in the economy. Aramco being a state enterprise, aims at developing alliances and joint ventures with overseas companies to improve its international focus. Additionally, Saudi Vision 2030 is expected to ease foreign direct investment into the nation. Increased FDIs in Saudia Arabia by drawing more attention and investors towards the international expansion of Aramco, thereby showing that Saudi Arabia can be a good place for investments. Opening doors of cooperation and investment opportunities beyond the oil and gas industry into petrochemical and downstream. This is among plans that will back up the vision of an economy of diversification and a vibrant private sector. The final point is that Saudi Vision 2030 seeks to establish a solid international energy sector (Yamada, 2016). In addition, The Kingdoms vision recognizes that the Saudi people remain in their greatest possessions. The target of reducing the national level of unemployment from eleven to seven percent by 2030 may be ambitious, yet its possible. This would involve improving national education levels, inculcating skills for the knowledge economy, and boosting womens participation in the workforce. However, Saudi Aramco will continue to promote efforts that contribute to a quality workforce of advanced science, technology, and engineering skills, competencies and training but also in collaboration activities matched with our corporate and country strategies. (arab news, 2016)

In conclusion, Saudi Aramco ranks as one of the large government organizations at the international level, dedicated to research, environmental friendliness, and high efficiency. The company must have a presence in a suitable market concerning its internationalization motives such as revenue diversification and technological advancement. Considering the economy of The United States is strong; it will be politically stable with advanced technology and a widespread transportation system the US emerges as an ideal location. In addition, the US legal system offers sufficient safeguards for the assets and interests of Saudi Aramco. Given that exporting has high market demand, competitive advantage, flexibility, and scalability, it remains the better way for Saudi Aramco to explore activities in the US market.

Recommendations:

1-Invest in Research and Technological Innovation: Due to Saudi Aramcos primary concentration in technology innovation as well as research, expenditure should be prioritized towards contemporary technology. The company will improve its operations, increase extraction rates as well as mitigate environmental impacts. Having an upper hand in technological advancement will keep an edge within the energy industry.

2- Saudi Aramco should take advantage of an ideal economy, political environment, technological base, and legal system, as well as transport in the US for establishing a branch there. It is a diversified economy, which has a high GDP per capita, energetic product consumption, as well as promotes global trading and protects intellectual property.

3- Saudi Aramco must maintain international enlargement to diversify revenues, faucet untapped oil and fuel resources, and meet international strength needs through forming alliances with multinational energy companies.

4- Saudi Aramco ought to decorate its Corporate Social Responsibility (CSR) projects to sell social and network improvement, which include supporting local schooling packages, making an investment in healthcare, selling environmental conservation, and providing financial help.