Riyadh: World’s largest crude exporter plans to put money into Asian refineries to ensure it has loads of consumers in the quickest-rising region for fuel demand.
Saudi Arabian Oil Company is including India to the record of Asian nations the place it plans to build new refineries as a part of a plan to nearly double its world refining capacity, chief govt officer Amin Nasser said in Jubail, Saudi Arabia. Saudi Aramco, as the corporate is understood, is also considering plants in China, Indonesia, Malaysia and Vietnam.
The Dhahran, Saudi Arabia-based mostly firm is considering expanding its refining capability to search out new shops for Saudi crude oil, Nasser mentioned Tuesday in a speech throughout a Saudi refining convention in Jubail.
The company already owns a stake in a refinery in China’s Fujian province along with Exxon Mobil and China Petroleum & Chemical Company. It’s still in talks with one other partner, China National Petroleum, to build a new joint-enterprise refinery. “Talks are good and ongoing,he mentioned.
Aramco has a refining capability of round 5.4 million barrels a day now, and it will nearly double that to between 8 million and 10 million, he mentioned, with out specifying a time-frame for the expansion. Saudi Arabia produced 10.2 million barrels of oil a day in February, in response to information.
In Saudi Arabia, the company is now contemplating whether to add more petrochemical plants to its current refineries. The corporate is close to finishing a petrochemical plant within its joint refinery with Japan’s Sumitomo Chemical in Rabigh. Aramco can also be finding out the same plan at Ras Tanura, its largest refinery in Saudi Arabia that has the capability to refine 550,000 barrels of oil a day, Nasser mentioned.
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