State-run Saudi Aramco is planning to invest more than $100 billion over the next ten years in the chemicals sector through substantial expansions in refining, marketing and lubes, in addition to prospective acquisitions, company president and CEO Amin Nasser said on Tuesday.
"We are expanding this business both in Saudi Arabia and in fast-growing overseas markets like China and India, with the aim of converting two million barrels per day of crude oil into petrochemicals — and we may eventually move our target higher to three million barrels,” he said in his keynote speech at the 13th annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum in Dubai.
The $100 billion investment will be in addition to the planned acquisition of a stake in Saudi Basic Industries Corp (SABIC), the Middle East’s largest chemical business.
Nasser stated that chemicals were the ‘most promising element” of Aramco's downstream strategy.
“Our ultimate target of 8-10 million barrels per day of integrated refining and marketing capacity will create a better balance between our upstream and downstream segments,” he added.
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