Saudi Aramco President and CEO Amin H. Nasser today told delegates attending the 13th annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum that a key Saudi Aramco objective is to bring its downstream business to the same prominence as its upstream, as the company undergoes substantial expansions in refining, marketing and lubes.
In line with the forum theme, “Exceeding Transformation & Investing in Growth”, Nasser commented on Saudi Aramco’s pivotal role in enabling new industrial and business partnerships as well as infrastructure, not only in core oil and gas downstream, but also in advanced technologies and energy-related, value-adding activities.
“Our ultimate target of 8 – 10 million bpd of integrated refining and marketing capacity will create a better balance between our upstream and downstream segments,” Nasser said.
In a keynote speech before executives and experts from the world’s leading manufacturers, suppliers, and others spanning the chemicals and petrochemicals sector, Nasser highlighted chemicals as the most promising element of the company’s downstream strategy.
He said that chemicals will represent about one third of world oil demand growth between now and 2030, and nearly half by 2050. Petrochemicals will add nearly 7 million bpd of oil demand by 2050, reaching a total of some 20 million bpd. This growth, he said, will be driven by an expanding world population and a growing middle class.
Saudi Aramco’s downstream strategy seeks to enhance its resource base by targeting increased horizontal and vertical integration across the hydrocarbon value chain.
Negotiations are underway for a major share in Riyadh-based diversified chemicals company SABIC, with the aim of creating an integrated energy and chemicals company.
The acquisition would leverage crude oil to chemicals technology, or C2C, a process that eliminates the refinery stage to transform crude oil directly into valuable petrochemicals.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/27112018/saudi-aramco-ceo-reveals-key-aspects-of-downstream-strategy-at-gpca-forum-2018/