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					Saudi Aramco 7180 (5/89)
                                                                                        G.I. NUMBER                Approved
                                                                                                        207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                             ISSUE DATE         REPLACES
 ISSUING ORG.       ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                              03-19-97             02-15-95
 SUBJECT:           PHYSICAL INVENTORY OF FIXED ASSETS                                  APPROVAL           PAGE NUMBER
                                                                                               AIA            1     OF   14


         CONTENT:
         This Instruction details Company policies and procedures applicable to the custody, control, responsibility, and
         accountability for Saudi Aramco capitalized plant and equipment (fixed assets) as recorded in the Saudi
         Aramco Fixed Assets Accounting system.

         The text of this GI includes:

               1.          Glossary
               2.          Scope
               3.          Inventory Verification Procedure
               4.          Access to the Fixed Assets Accounting System (FA:M)
               5.          Custodian Responsibilities
               6.          Fixed Assets & Work-In-Progress Accounting Department (FAWIP) Responsibilities

         1.0        GLOSSARY:
                    1.1     ABBREVIATION AND ACRONYMS

                            AAAS            Automated Approval Authority System

                            AI              Accounting Instruction

                            AIV             Asset Inventory Verification Letter

                            CICS            Customer Information Control System

                            CTCC            Commercial and Technical Computer Center

                            FAAS(FA:M)      Fixed Assets Accounting System

                            FAIU            Fixed Assets Inventory Unit/FAWIP

                            FAU             Fixed Assets Accounting Unit/FAWIP

                            FAWIP           Fixed Assets & Work-in-Progress Accounting Department

                            GI              General Instruction

                            MI              Materials Instruction

                            MSO             Materials Storehouse Operations



* CHANGE                     ** ADDITION           NEW INSTRUCTION                COMPLETE REVISION X               14
Saudi Aramco 7180 (5/89)
                                                                                           G.I. NUMBER              Approved
                                                                                                         207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                ISSUE DATE       REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                 03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                       APPROVAL         PAGE NUMBER
                                                                                                 AIA           2     OF   14


                           TA                Transmittal Acknowledgment Letter

                  1.2      RELATED INSTRUCTIONS

                           1.2.1   GI's

                                   202.301           "Definition of Property, Plant & Equipment Accounts in the

                                                      General Ledger"

                                   202.303           "Plant & Equipment Facilities Sub Classes"

                                   202.304           "Plant & Equipment Item Rate Codes"

                                   202.305           "Accounting Plant Numbering and Preparation of SA-9032-1,

                                                       New Asset Record Transaction Entry Form"

                                   207.050           "Form Saudi Aramco 630 - Capital Assets Change Authorization"

                                   299.050           "Computer Equipment Service Requests"
                           1.2.2   MI’s

                                   355.310           "Standby Equipment"

                                   365.600           "Storing and Disposing of Capitalized Plant and Equipment"
                           1.2.3   AI

                                   206               "Accounting for Disposition of Capital Assets"

                  1.3      RELATED FORMS

                           SA-9113    "Computer Equipment Service Request"

                  1.4      ATTACHMENTS

                           1.4.1   ATTACHMENT I

                                   Transmittal Acknowledgment
                           1.4.2   ATTACHMENT II

                                   - Page 1 of 4     Asset Inventory Verification Letter




* CHANGE                   ** ADDITION             NEW INSTRUCTION               COMPLETE REVISION X                 14
Saudi Aramco 7180 (5/89)
                                                                                            G.I. NUMBER               Approved
                                                                                                           207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                 ISSUE DATE        REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                   03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                        APPROVAL          PAGE NUMBER
                                                                                                  AIA            3     OF   14


                                   - Page 2 of 4         Physical Asset Inventory - Exhibit A

                                   - Page 3 of 4         Physical Asset Inventory - Exhibit B

                                   - Page 4 of 4         Physical Asset Inventory - Exhibit C
                           1.4.3   ATTACHMENT III

                                   FA:M Access Control Form

                  1.5      LISTINGS

                           B85          Detailed Fixed Assets Listing Sorted By Engineering Plant Number

                           B86          Detailed Fixed Assets Listing Sorted By Location Code

         2.0      SCOPE:
                  2.1      INITIAL CAPITALIZATION

                           2.1.1   NEW ASSETS

                                   The term "new" refers to the receipt of the asset by Saudi Aramco and not the physical
                                   condition of the plant or equipment, i.e., newly purchased other than new plant and
                                   equipment.
                           2.1.2   ASSET TAGGING

                                   Newly capitalized plant and equipment should be plant tagged. A specific number is
                                   assigned to the respective plant and equipment. The relevant policies and procedures
                                   applicable to the asset tagging (Accounting Plant Numbering) are contained in the GI
                                   202.305.

                  2.2      ASSET MOVEMENT

                           2.2.1   After its capitalization, a fixed asset can be subjected to the following types of move-
                                   ment:

                                   a)         Relocation

                                   b)         Retirement

                                   c)         Transfer

                                   d)         Disposal, etc.


* CHANGE                   ** ADDITION               NEW INSTRUCTION                 COMPLETE REVISION X               14
Saudi Aramco 7180 (5/89)
                                                                                             G.I. NUMBER                Approved
                                                                                                            207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                  ISSUE DATE         REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                    03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                         APPROVAL           PAGE NUMBER
                                                                                                    AIA             4   OF   14


                                   Asset movement must be authorized and documented in accordance with GI 207.050.
                           2.2.2   MOVEMENT EXCLUSION

                                   Movement in the above context excludes the following:


                                     2.2.2.1      Coordinating Organization

                                               Fixed assets assigned to certain organization having corporate responsibility
                                               for such assets such as: transportation, construction equipment, computer and
                                               communication equipment etc., are released to the ‘user’ departments on an
                                               as-required basis. Assets, however, remain under the corporate responsibility
                                               of the "home" organization for control, accountability, and asset verification
                                               purposes.


                                     2.2.2.2      Loan/Turn-over Assets

                                               Assets on loan or turn-over to outside party for operation under an existing
                                               agreement with Saudi Aramco remain under the corporate responsibility of
                                               Saudi Aramco "home" organization until the absolute transfer of ownership to
                                               the outside party is concluded.

                  2.3      ASSET MOVEMENT AUTHORIZATION

                           2.3.1   MANAGEMENT GUIDE

                                   Movement of a fixed asset (retirement, transfer, disposal, etc.) is subject to the approval
                                   authorities detailed in Section 4 of the Management Guide available to the users via the
                                   on-line AAAS, ABQ6-01.
                           2.3.2   APPROVAL AUTHORITY LEVEL

                                   The required level of the approval authority varies according to the organization and
                                   movement criteria as well as the monetary limit. It is the responsibility of the proponent
                                   custodian to familiarize himself with the corporate requirements.

                  2.4      INVENTORY VERIFICATION RESPONSIBILITY

                           Asset inventory verification policies and procedures are detailed in this Instruction.


                           2.4.1   PLANT-TAGGED ASSETS




* CHANGE                    ** ADDITION               NEW INSTRUCTION                COMPLETE REVISION X                14
Saudi Aramco 7180 (5/89)
                                                                                              G.I. NUMBER              Approved
                                                                                                            207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                   ISSUE DATE       REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                    03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                          APPROVAL         PAGE NUMBER
                                                                                                    AIA            5    OF   14


                                   The primary responsibility for complying with verification requirements is vested in the
                                   custodian (Department Manager or commensurate position) having control of and
                                   corporate accountability for the fixed assets assigned to a respective department.
                           2.4.2   ASSETS NOT PLANT-TAGGED

                                   There is no exemption from the inventory verification for capital assets not tagged.
                                   Although some assets are not plant-tagged because of physical constraints (e.g.
                                   pipelines, roads, secondary lighting, certain power systems, etc.), the custodians, remain
                                   accountable for such assets and must verify their existence or arrange for their removal
                                   from the corporate fixed assets records.

         3.0      INVENTORY VERIFICATION PROCEDURE:
                  3.1      PERIODIC INVENTORY VERIFICATION

                           3.1.1   Custodians are periodically required to formally verify to FAWIP the recorded assets as-
                                   signed to them.
                           3.1.2   The normal maximum time period between formal verification is 3 years.
                           3.1.3   Some high value/highly mobile assets may require more frequent verifications. The fre-
                                   quency of review in such cases must be agreed upon between the custodian and FAWIP.

                  3.2      FINANCIAL LISTINGS USED

                           3.2.1   Detailed fixed asset listings (B85, sorted by engineering plant number and B86, sorted
                                   by location code) are forwarded to each custodian department for their review, verifica-
                                   tion, and action.
                           3.2.2   Custodians must formally acknowledge (within 7 days of receipt) receiving their initial
                                   assets listings from FAWIP.
                           3.2.3   FAWIP should provide a pro-forma Transmittal Acknowledgment letter, attached to the
                                   initial asset listings, for the custodian's signature and return (see Attachment I).
                           3.2.4   FAWIP attaches to the above listings the AIV letter (see Attachment II, Page 1 of 4).
                                   Upon completion of the asset verification by the proponent custodian, the letter is re-
                                   turned to FAWIP.
                           3.2.5   The AIV letter constitutes the custodian's formal verification of his assets as detailed on
                                   the listings. The letter should be accompanied by properly authorized documentation
                                   where a correction of the asset records is required.
                           3.2.6   The AIV letter should include the listed below exhibits:

                                             Exhibit A -"Assets that are not listed but are under the custody of the
                                                         proponent" (Attachment II, Page 2 of 4).


* CHANGE                   ** ADDITION               NEW INSTRUCTION                 COMPLETE REVISION X                14
Saudi Aramco 7180 (5/89)
                                                                                            G.I. NUMBER               Approved
                                                                                                           207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                 ISSUE DATE         REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                   03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                        APPROVAL           PAGE NUMBER
                                                                                                   AIA            6    OF   14


                                             Exhibit B - "Assets that are listed but are not under the custody of the
                                                          proponent" (Attachment II, Page 3 of 4).

                                             Exhibit C - "Assets that are listed but are still under investigation by the
                                                          proponents to confirm custodianship" (Attachment II, Page 4 of
                                                          4).

                  3.3      Tracing Asset Movement

                           3.3.1   The custodians are periodically required to review the Finance asset records against their
                                   physical assets to ensure that such movements have been promptly and accurately re-
                                   corded.
                           3.3.2   To facilitate and account for the asset movements, it is recommended that Custodians use
                                   the corporate data available from the FAAS as the primary source of internal asset
                                   records within their department.

         4.0      ACCESS TO THE FAAS (FA:M):
                  4.1      LOGON ID

                           4.1.1   Custodians' staff requiring on-line access to their respective asset records require logon
                                   IDs for the CTCC with privilege to access CICS. This will allow them "open shop" ac-
                                   cess to query FAAS (FA:M)).
                           4.1.2   Custodians' staff can be allowed to change certain non-financial fields on the FAAS
                                   Master File such as:

                                             -    Manufacturer

                                             -    Model Number

                                             -    Serial Number

                                             -    Engineering Plant Number

                                             -    Description

                                             -    Extra Description

                                             -    Organization Sub-Code

                  4.2      TRAINING

                           4.2.1   Before being allowed to make above changes, custodians' staff must have received the


* CHANGE                   ** ADDITION              NEW INSTRUCTION                 COMPLETE REVISION X                14
Saudi Aramco 7180 (5/89)
                                                                                             G.I. NUMBER               Approved
                                                                                                            207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                  ISSUE DATE        REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                    03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                         APPROVAL          PAGE NUMBER
                                                                                                   AIA             7    OF   14


                                   appropriate training on using the FAAS.
                           4.2.2   Upon receiving written request from the custodian proponent, the Manager of FAWIP
                                   will arrange the training for both queries and master file changes.
                           4.2.3   After completing the required training, the Custodian proponents should formally re-
                                   quest security access to the FAAS from FAWIP (see Attachment III).
                           4.2.4   The Custodians' terminals and printers must be defined to CICS and this can be achieved
                                   by submission of completed Form SA-9113 "Computer Equipment Service Request"(re-
                                   fer to G.I. 299.050).

         5.0      CUSTODIAN RESPONSIBILITIES:
                  5.1      ACCOUNTING FOR THE ASSETS

                           5.1.1   RESPONSIBLE CUSTODIAN

                                   The proponent department manager is the corporate custodian for fixed assets assigned
                                   to his department. Delegation of custodianship within a department, or a multi-
                                   department inventory verification exercise within an operational area, is at the discretion
                                   of the individual department manager.
                           5.1.2   CORPORATE USERS BASIS

                                   Custodians providing assets on a Corporate user basis (such as vehicles, computers, etc.)
                                   should request the user to provide formal acknowledgment of their physical possession
                                   of the asset(s). Nevertheless, the accountability of the assets remains with the proponent
                                   custodian who must acknowledge, in writing to FAWIP, the continuing existence of the
                                   fixed assets assigned to his department.

                  5.2      Further Responsibilities

                           5.2.1   ASSURANCE

                                   Custodian must ensure that all fixed asset actions (receipt, use, relocation, transfer,
                                   disposal etc.) are carried out in accordance with the established Company policies and
                                   procedures.


                           5.2.2   Verification

                                   Custodian should verify through physical inventory, as requested by FAWIP, that assets
                                   recorded under his custodianship exist and are correct.

                           5.2.3   NOTIFICATION


* CHANGE                   ** ADDITION                NEW INSTRUCTION                COMPLETE REVISION X                14
Saudi Aramco 7180 (5/89)
                                                                                             G.I. NUMBER                Approved
                                                                                                             207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                  ISSUE DATE         REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                     03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                         APPROVAL           PAGE NUMBER
                                                                                                    AIA             8    OF   14


                                   Custodian must notify FAWIP, in writing, of the detailed results of his physical
                                   inventory including, if necessary, a list of unlocated assets by accounting plant number.
                                   Similarly, fixed assets located by a custodian, but not included on his asset listing,
                                   should be reported (Refer to 6.2.2).


                           5.2.4   INVESTIGATION

                                   Custodian is held responsible to investigate discrepancies and take appropriate action to
                                   rectify the situation and correct the asset records. An appropriate action should not be
                                   construed as simply the preparation and submission of properly authorized
                                   documentation to correct the records. Dependent on the circumstances and the results of
                                   his investigations, the custodian should consider other measures such as: reviewing/
                                   revising his department asset control, referral to other appropriate Saudi Aramco
                                   Organizations for assistance, preparation of SA 630, etc.

                  5.3      RID-OF ASSETS

                           5.3.1   EXCESS TO DEPARTMENT REQUIREMENT

                                   If, at the time of asset verification, the custodian determines any of his listed assets are
                                   no longer required by his department, consideration should be given to transferring such
                                   as assets to another department for use, or to MSO for storage.


                           5.3.2   NO FURTHER USE

                                   A proper action should be taken if the assets are of no further use due to age,
                                   deterioration, obsolescence etc. either to haul to MSO for disposal or for any other
                                   applicable action.

                                   Reference should be made to General Instruction 207.050 or to FAU of FAWIP as
                                   necessary.

         6.0      FAWIP RESPONSIBILITIES:
                  6.1      ASSET RECORDS MAINTENANCE

                           FAU has the full responsibility for maintaining and updating the asset records contained in the
                           FAAS. FAU, however, has no direct role in the asset verification program. Although the
                           plant-tagging and initial record input may be carried out by other personnel, administration of
                           FAAS and framework of control remain with FAU/FAWIP.



* CHANGE                    ** ADDITION              NEW INSTRUCTION                 COMPLETE REVISION X                 14
Saudi Aramco 7180 (5/89)
                                                                                           G.I. NUMBER               Approved
                                                                                                          207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                                ISSUE DATE        REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                  03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                       APPROVAL          PAGE NUMBER
                                                                                                 AIA            9     OF   14


                  6.2      ASSET VERIFICATION PROGRAM

                           FAIU/FAWIP is solely responsible for the implementation, administration, and completion of
                           periodic asset verification program. FAIU is restricted to the changes it may make in the fixed
                           assets records. FAIU may make the non-financial changes stated in Paragraph 4.1.2 as well as
                           changing an organization prime code without reference to FAU. Subject to liaison with, and the
                           agreement of FAU, FAIU may make other specific record changes.

                           6.2.1   LIAISON

                                   FAIU liaises with and provide support to custodians on an as-necessary basis mainly
                                   with regard to policies, procedures, and documentation. However, assistance in the
                                   physical verification of assets is excluded since such activity is a specific custodian
                                   responsibility.
                           6.2.2   REPORTING

                                   FAIU reports to Saudi Aramco Management, as necessary, the status of the asset
                                   inventory program including program implementation, custodian response,
                                   discrepancies, etc. Custodians are expected to complete the assets verification
                                   (including all documentations), normally within 90 days from the receipt of asset
                                   listings.
                           6.2.3   FOLLOW-UP

                                   FAIU will follow-up on non-completion until all assets are fully verified and
                                   discrepancies are fully resolved by the custodian.
                           6.2.4   EXTENSION

                                   At FAWIP discretion, extension of the 90-day completion period may be granted, if
                                   justified. If FAWIP considers the custodian is unreasonably delaying completion of their
                                   assets verification, the following level of Management will be notified:

                                             - First notice to the Department Manager

                                             - Second notice to the General Manager

                                             - Third notice to the Vice President

         Approved:Manager,Accounting Policy, Methods & Systems Department




* CHANGE                    ** ADDITION             NEW INSTRUCTION                 COMPLETE REVISION X               14
Saudi Aramco 7180 (5/89)
                                                                                        G.I. NUMBER               Approved
                                                                                                       207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                             ISSUE DATE        REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                               03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                    APPROVAL          PAGE NUMBER
                                                                                              AIA           10     OF   14


                                                                                                            GI 207.060
                                                                                                           Attachment I

                                                  _______________________
                                                          (Location)
                                                  _______________________
                                                  (Address & Telephone No.)
                                                  _______________________
                                                            Date


         ____________________________
         (Custodian's Letter Reference)


                                                                      TRANSMITTAL ACKNOWLEDGMENT (TA)


         Manager
         Fixed Assets & Work-In-Progress
         Accounting Department
         Room E-4300, Dhahran




         Reference: FAWIP- ______ /PP- _____ dated __________

         This is to confirm receipt of Asset Reports B85 and B86 dated _________________ containing ___________
         assets listed under our organization Code _____ which were transmitted for the purpose of asset verification in
         accordance with GI 207.060




                                                                                       __________________________
                                                                                       Manager, __________________
                                                                                       __________________________
                                                                                       __________________________




* CHANGE                   ** ADDITION           NEW INSTRUCTION                COMPLETE REVISION X                14
Saudi Aramco 7180 (5/89)
                                                                                       G.I. NUMBER               Approved
                                                                                                      207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                            ISSUE DATE        REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                              03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                   APPROVAL          PAGE NUMBER
                                                                                             AIA           11     OF   14


                                                                                                           GI 207.060
                                                                                                         Attachment II
                                                 _______________________
                                                         (Location)
                                                 _______________________
                                                 (Address & Telephone No.)
                                                 _______________________
                                                           Date


         ___________________________
         (Custodian's Letter Reference)


                                                                       ASSET INVENTORY VERIFICATION (AIV)
                                                                       ORGANIZATION CODE:


         Manager,
         Fixed Assets & Work-In-Progress
         Accounting Department
         Room E-4300, Dhahran



         Reference: FAWIP- ______ /PP- _____ dated __________

         With the exception of those assets listed under Exhibit "B" (Assets listed which are not under custody of Org.
         Code _________) and Exhibit "C" (Assets listed which are still under investigation of Org. Code _________)
         attached, I hereby acknowledge the custody of all assets listed on Fixed Asset Reports B85/B86 dated
         ____________ and those assets identified under Exhibit "A" (Assets not listed which are under custody of Org.
         Code ________) attached.

         I have attached the proper completed documentation, such as Form SA-630 in accordance with General
         Instruction 207.050 or other appropriate documentation to record the asset movement or disposition in support
         of the above exceptions under Exhibits "A", "B", and "C".



                                                                                      __________________________
                                                                                      Manager, __________________
                                                                                      __________________________
                                                                                      __________________________


* CHANGE                   ** ADDITION          NEW INSTRUCTION                COMPLETE REVISION X                14
Saudi Aramco 7180 (5/89)
                                                                        G.I. NUMBER               Approved
                                                                                       207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                             ISSUE DATE        REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.               03-19-97             02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                    APPROVAL          PAGE NUMBER
                                                                              AIA           12     OF   14


                                                                                            GI 207.060
                                                                                          Attachment II
                                            PHYSICAL ASSET INVENTORY
                                                    EXHIBIT A
                              ASSETS LISTED WHICH ARE UNDER CUSTODY OF ORG. CODE:



                 TAG NO.                       DESCRIPTION              MANUFACTURER      SERIAL NO




* CHANGE                   ** ADDITION      NEW INSTRUCTION       COMPLETE REVISION X              14
Saudi Aramco 7180 (5/89)
                                                                                          G.I. NUMBER                  Approved
                                                                                                            207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                               ISSUE DATE           REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                  03-19-97               02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                      APPROVAL             PAGE NUMBER
                                                                                                 AIA             13     OF   14


                                                                                                                 GI 207.060
                                                                                                              Attachment II
                                          PHYSICAL ASSET INVENTORY
                                                   EXHIBIT B
                           ASSETS LISTED WHICH ARE NOT UNDER CUSTODY OF ORG. CODE:



              LOC. CODE        ACCOUNTING PLANT NO     BOOK COST       LOC. CODE      ACCOUNTING PLANT NO       BOOK COST




* CHANGE                   ** ADDITION               NEW INSTRUCTION               COMPLETE REVISION X                  14
Saudi Aramco 7180 (5/89)
                                                                                          G.I. NUMBER                  Approved
                                                                                                            207.060
 SAUDI ARABIAN OIL COMPANY (Saudi Aramco)
 GENERAL INSTRUCTION MANUAL                                                               ISSUE DATE           REPLACES
 ISSUING ORG.     ACCOUNTING, POLICY, METHODS & SYSTEMS DEPT.                                  03-19-97               02-15-95
 SUBJECT:         PHYSICAL INVENTORY OF FIXED ASSETS                                      APPROVAL             PAGE NUMBER
                                                                                                 AIA             14     OF   14


                                                                                                                 GI 207.060
                                                                                                               Attachment II
                                       PHYSICAL ASSET INVENTORY
                                                EXHIBIT C
                     ASSETS LISTED WHICH ARE STILL UNDER INVESTIGATION OF ORG. CODE:



              LOC. CODE        ACCOUNTING PLANT NO     BOOK COST       LOC. CODE      ACCOUNTING PLANT NO       BOOK COST




* CHANGE                   ** ADDITION               NEW INSTRUCTION               COMPLETE REVISION X                  14

				
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