Energy Industry
Industry: Email Alert RSS FeedSaudi Aramco & Other Middle East Exporters Raise Overseas Refining Investments.
APS Review Downstream Trends, December, 2005
The state-owned Saudi Aramco and other Middle East oil exporters are investing heavily in refineries at home and abroad. Flush with cash in view of high crude oil prices, they are helping alleviate a world shortage of refining capacity.
Refining capacity in Saudi Arabia is rising from 2m b/d to over 3.6m b/d by 2010, including two heavy conversion plants to turn heavy/sour crude oils into clean fuels. Saudi Aramco wants to have another four or five such conversion plants in the next decade (see survey of Saudi Arabia in Nos. 13-17).
Saudi Aramco is negotiating a partnership with Sinopec in China for a $12 bn oil refining and petrochemicals plant to be built at Qingdao, in the eastern Shandong province. Saudi Aramco and ExxonMobil have a stake in...
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