London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

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.


mrcplast.com

Author:Marina Ivanova
Tags:No
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe