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Saudi Aramco to invest billions on a downstream expansion program

January 16/2012

(Arabian oil and gas) -- At the signing ceremony for a USD10 billion new 400,000 bpd refinery project at Yanbu with Chinas Sinopec, Al-Falih said Aramco would hit 8 million barrels capacity over the next decade, according to a Reuters report.

While international oil companies such as Chevron are shying away from further downstream investment as refining margins tumble to break-even levels, Al-Falih has committed Aramco to graduating from the worlds largest oil producer to becoming the worlds largest single vertically integrated energy company, as a part of a national strategy for the Kingdom to become a downstream hub for emerging south-east Asian markets.

"Let me stress that the various world-class local and international refining and petrochemical investments Saudi Aramco is making are a testament to our firm belief that the downstream remains an attractive and profitable business," Al-Falih said on Saturday, according to Reuters.

The company is already committed to expansion projects at Jubail, Jizan and Ras Tanura, which is already the worlds largest refinery. Al-Falih said the downstream business of Aramco will be a USD60 billion business by the time we are done building.

Author:Marina Ivanova
Category:General News
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