Saudi Aramco to be­come World's top oil re­finer

The Pak Banker - - INTERNATIONAL BUSINESS/SPORTS -

Saudi Ara­bian Oil Co., the world's big­gest crude ex­porter, also ex­pects to be­come the top pro­ducer of re­fined prod­ucts such as fuel and petro­chem­i­cals, ac­cord­ing to Khalid al-Falih, the com­pany's chief ex­ec­u­tive.

"In the years to come, we will be­come the world's sin­gle largest oil re­finer," al-Falih said at a con­fer­ence in Bei­jing to­day.

Saudi Aramco, as the com­pany is known, is ex­pand­ing re­fin­ing and petro­chem­i­cal pro­duc­tion to meet domestic de­mand and ex­port prod­ucts that can fetch higher prices than crude. It plans to dou­ble its global re­fin­ing ca­pac­ity to 8 mil­lion bar­rels a day in 10 years, al-Falih said in the east­ern Saudi city of Dhahran in Jan­uary 2012. Exxon Mo­bil Corp. the world's largest in­te­grated crude pro­ces­sor, had 5.4 mil­lion bar- rels a day of ca­pac­ity world­wide at the end of 2012, ac­cord­ing to its fi­nan­cial and op­er­at­ing re­view.

Aramco's Sa­torp plant, 37.5 per­cent owned by Paris-based To­tal SA, is set to be­come Saudi Arabia's largest fa­cil­ity on the Per­sian Gulf with an overseas part­ner when it starts this year. The re­fin­ery in Jubail on the coast will be able to process 400,000 bar­rels of Arab Heavy crude a day. The com­pa­nies have also agreed in prin­ci­ple to ex­pand the plant, Christophe De Marg­erie, To­tal's chief ex­ec­u­tive, said in Abu Dhabi Jan. 15.

Aramco has fi­nal­ized ne­go­ti­a­tions with Per­tam­ina Persero PT to build an $8 bil­lion re­fin­ery in In­done­sia with a ca­pac­ity of 300,000 bar­rels a day, the Saudi Gazette news­pa­per re­ported Feb. 5, cit­ing In­done­sian In­dus­try Min­is­ter Mo­hammed Hi­dayat.

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