Saudi Aramco GI 288.006 COMPANY

This document, Saudi Aramco General Instruction GI 288.006, establishes the Company's uniform policies and procedures for managing risks associated with Company-issued Guarantees and Other Support Obligations, including Letters of Credit. It details the process for identifying, reviewing, approving, and reporting on these financial arrangements to ensure proper risk exposure management and compliance with International Financial Reporting Standards (IFRS) for financial statement disclosures.

The instruction outlines responsibilities for proponents and stakeholders, approval workflows, and procedures for monitoring annual compliance and handling covenant breaches. It also provides essential definitions for terms such as Contingent Liability, Guarantee, and Letter of Credit, along with sample forms and flowcharts to clarify execution and monitoring processes.

This comprehensive guide is crucial for maintaining financial integrity and mitigating potential liabilities. Ideal for treasury specialists, financial analysts, legal counsel, and accounting managers working in the oil and gas industry or similar large corporations.