Saudi Aramco Appears to Safe Extra Downstream Oil Offers in Asia

Aramco is taking a look to seal extra downstream offers in Asia, in particular in China and India, because it bets on persisted call for enlargement in its maximum necessary marketplace for long-term patrons of its crude, the Saudi oil large’s Downstream President Mohammed Al Qahtani informed Bloomberg in an interview.

Saudi Aramco, the arena’s best crude exporter and the most important oil company relating to each manufacturing and marketplace capitalization, has already struck a number of offers to shop for stakes in Chinese language refining and chemical tasks and has lately entered Pakistan’s downstream sector. However it’s at the hunt for extra offers.   

“In point of fact, the large enlargement markets for us are China, India and southeast Asia,” Al Qahtani informed Bloomberg in an interview in Dhahran, Saudi Arabia.

Aramco needs to develop via each acquisitions and enlargement of already operational tasks.

“As we discuss these days we’ve got groups in China negotiating offers,” Aramco’s govt informed Bloomberg.

The oil large may be negotiating offers in India, even supposing growth in talks about “exact investments at the floor” is slower, Al Qahtani stated.

In 2021, Aramco and India’s greatest non-public refiner, Reliance Industries, scrapped a deliberate joint refining mission value $15 billion on valuation variations.

The Indian company is a large buyer for Aramco, which might “like to spouse with, so we’ll see,” Al Qahtani informed Bloomberg.

Final 12 months, the chief stated that “China is strategically necessary to our trade enlargement in Asia and international, and we will be able to stay a competent supply of long-term oil provide.” 

In July 2023, Aramco finished the acquisition of a ten% stake in Chinese language petrochemical company Rongsheng Petrochemical Co Ltd for the similar of $3.4 billion because the Saudi oil large persisted to extend its downstream footprint in one among its key export markets.

Aramco introduced previous in 2023 two main refinery and petrochemical offers in China, which no longer best give the arena’s greatest oil company a percentage of the Chinese language downstream marketplace but additionally an extra export outlet for 690,000 barrels in keeping with day (bpd) of Saudi crude in China.    

Via Tsvetana Paraskova for

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