Aramco Plans To Shift More Crude Production To Petrochemicals

Saudi Aramco aims to allocate some 2 million barrels per day (MMbbl/d) to 3 MMbbl/d of its crude oil production to petrochemicals, CEO Amin Nasser said Oct. 23, a sign the state energy group is hedging its bets against a possible demand slowdown.

Aramco has been boosting its investments in refining and petrochemicals to secure new markets for its crude as it sees growth in chemicals central to its downstream expansion strategy.

The company is working on buying a stake in Saudi Basic Industries Corp. (SABIC), the world’s fourth largest petrochemical maker, as part of plans to become a leader in the chemical industry, Nasser told an investment conference in Riyadh.