||This inside account includes his face-to-face encounters with King Faisal and other Saudi leaders, and his role in steering the company through major international crises which included the 1973 Arab-Israeli war, the dramatic oil price increases of the 1970s, the Arab oil embargo and the OPEC hostage incident of 1975.
Central to Jungers’ story is his role in helping to develop Aramco’s Saudi workforce for the eventual transfer of company ownership from four American oil majors to the Government of Saudi Arabia. He explains the unique nature of the ownership transfer, which was remarkably different from the bitter nationalization process seen in Iraq, Libya, Iran and Venezuela. Jungers describes how Aramco and the Kingdom of Saudi Arabia in an important sense grew up together, and he highlights the crucial role played by Aramco in the development of the nation’s infrastructure and economy.
With an initial workforce comprising Americans, Italians, Saudis and other nationalities, Jungers explains how it soon became clear that the future of the Saudi oil industry belonged not with foreign oil interest but to the people of Saudi Arabia. He relates the strategy and efforts that led to the Saudis successfully taking over and operating what would become the world’s premier oil producing and exporting company.
The story covers how Aramco, with its technological expertise and its access to international specialists, played a central role in the development of the Kingdom; its healthcare, agriculture, railroads, electric grid and other sectors of the Saudi economy.
Frank Jungers concludes, ‘I cannot think of another company that has had such a vast and positive impact on a country as has Saudi Aramco. Through the privilege of my position, I hope this inside story will provide insight into its global role and what it has become today.’
The ‘King Faisal Era’ is vividly described, including the monarch’s role in the oil price issue and the Arab oil embargo, as well as the author’s closed-door meetings with the King and his key advisers, including Oil Minister Shaikh Ahmed Zaki Yamani. King Faisal’s tragic death and the tense moments of the OPEC hostage incident that began in Vienna and ended in North Africa are also covered.