Saudi Aramco to increase refining capacity to 8 mm bpd

Jan 15, 2012 12:00 AM

Khalid Al-Falih, CEO of Saudi Aramco, says the company is looking to increase its refining capacity to 8 mm bpd.
At the signing ceremony for a $ 10 bn new 400,000 bpd refinery project at Yanbu with China’s Sinopec, Al-Falih said Aramco would hit 8 mm barrels capacity ‘over the next decade’.

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 world’s largest oil producer to becoming the world’s 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.

The company is already committed to expansion projects at Jubail, Jizan and Ras Tanura, which is already the world’s largest refinery.
Al-Falih said the downstream business of Aramco 'will be a $ 60 bn business by the time we are done building'.

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