The world’s top crude exporter will use new facilities in the kingdom and elsewhere, ‘making it the biggest refiner in the world by some margin’
Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia. Picture: REUTERS/AHMED JADALLAH
More than a third of Aramco’s oil is currently fed into its fully owned and joint-venture refineries, according to its bond prospectus. The company plans to double its refining network to handle as much as 10-million barrels per day by 2030, locking in a friendly buyer for the kingdom’s crude. Saudi Arabia is leaning on Aramco’s coffers to build its sovereign wealth fund and help develop new industries that can break the kingdom’s reliance on oil. For its part, Aramco is trying to wring more profit from the crude it pumps by turning it into petrol and diesel as well as plastics and other materials used in consumer goods. The company is spending $69bn for a majority stake in petrochemicals maker Saudi Basic Industries.
Aramco fully owns three refineries in Saudi Arabia and the Motiva Enterprises plant in the US. Other facilities are joint ventures with foreign partners. By the end of the year, it will start crude processing at new facilities in the kingdom and in Malaysia that will bring its total refining capacity to more than half the company’s current oil production.
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