DOWNSTREAM STRATEGY
Oil behemoth Saudi Aramco plans growth in refining and petrochemicals
Dhahran — Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand. Aramco, the world’s biggest oil producer, is expanding its footprint globally by signing downstream deals and boosting the capacity of its plants, ahead of an initial public offering in 2019, the largest to date. The firm was moving ahead with multibillion-dollar projects in China, India and Malaysia and aims to finalise new partnerships in 2018, Abdulaziz al-Judaimi, Aramco’s senior vice-president for downstream, said. Aramco planned to raise its refining capacity to between 8-million and 10-million barrels per day (bpd), from about 5-million, and double its petrochemicals production by 2030, he said. Aramco pumps about 10-million bpd of crude oil. "Our strategy is very simple. We want to be at 8-million to 10-million barrels per day of participated [ref...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.