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Recently, Saudi Arabian National Petroleum Corporation (Saudi Aramco) CEO Amin Nasser said that the company is planning to continue to implement the global petroleum-downstream chemical integration strategy and invest in chemicals in India and China.
Recently, Saudi Arabian National Petroleum Corporation (Saudi Aramco) CEO Amin Nasser said that the company is planning to continue to implement the global petroleum-downstream chemical integration strategy and invest in chemicals in India and China.
Chemicals are the main growth area Chemicals are the main growth area
As chemicals and plastics account for a large portion of oil demand and are still growing, Saudi Aramco will focus on converting more crude oil into chemicals and plastics rather than transportation fuels.
As chemicals and plastics account for a large portion of oil demand and are still growing, Saudi Aramco will focus on converting more crude oil into chemicals and plastics rather than transportation fuels.
Nasser said: "We expect that in the next 10 years, half of the growth in oil demand will come from petrochemicals.
Although some major oil companies are reducing refining capacity by shutting down refineries or transforming to bio-refineries, Saudi Aramco expects its refining footprint will grow substantially and will be integrated with petrochemical production.
Focus on China and India market Focus on China and India market
Saudi Aramco predicts that most of the growth in chemical demand will come from developing countries with growing populations, and the living standards of these countries are constantly improving.
Saudi Aramco predicts that most of the growth in chemical demand will come from developing countries with growing populations, and the living standards of these countries are constantly improving.
In India, Saudi Aramco is acquiring a 20% stake in Reliance Industries’ petrochemical business for US$15 billion.
In China, Saudi Aramco stated that its plans to build a new refinery and cracker joint venture project in Liaoning Province with China North Industries Corporation and Panjin Xincheng Group are in the design stage and will continue to cooperate with partners.
Nasser said that although India and China are the main areas of interest to Saudi Aramco, the company is also considering integrating more chemical production capacity into its existing refining assets in Saudi Arabia and the United States.
Anchoring the downstream industry development strategy Anchoring the downstream industry development strategy
In June 2020, Saudi Aramco acquired Saudi Basic Industries Corporation (SABIC) for US$69 billion, further expanding its business into the fields of chemicals and specialty polymers.
In June 2020, Saudi Aramco acquired Saudi Basic Industries Corporation (SABIC) for US$69 billion, further expanding its business into the fields of chemicals and specialty polymers.
Nasser said: "We believe that the acquisition of SABIC is the key to our transformation and the main driving force for the realization of Saudi Aramco's chemical strategy.
As for further mergers and acquisitions, Nasser said that Saudi Aramco is still focusing on integrating SABIC's business while paying close attention to future transactions.
"We do not rule out any good opportunities in the future.
We will continue to evaluate some opportunities in major growth markets such as China and India as part of our long-term strategy.
"
