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 largeâs Downstream President Mohammed Al Qahtani informed Bloomberg in an interview.
Saudi Aramco, the arenaâs 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 Pakistanâs downstream sector. However it’s at the hunt for extra offers. Â Â
âIn point of fact, the large enlargement markets for us are China, India and southeast Asia,â Al Qahtani informed Bloomberg in an interview in Dhahran, Saudi Arabia.
Aramco needs to develop via each acquisitions and enlargement of already operational tasks.
âAs we discuss these days we’ve got groups in China negotiating offers,â Aramcoâs govt informed Bloomberg.
The oil large may be negotiating offers in India, even supposing growth in talks about âexact investments at the floorâ is slower, Al Qahtani stated.
In 2021, Aramco and Indiaâs 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 âlike to spouse with, so weâll see,â Al Qahtani informed Bloomberg.
Final 12 months, the chief stated that âChina 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.âÂ
In July 2023, AramcoÂ finished the acquisitionÂ 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.
AramcoÂ introducedÂ previous in 2023 two main refinery and petrochemical offers in China, which no longer best give the arenaâs 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.Â Â Â
Via Tsvetana Paraskova for Oilprice.com
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