Saudi Arabia to boost refining capacity

Saudi Arabia plans to become the world’s biggest exporter of refined oil products, after the US, by 2017. According to Oil Minister Ali al-Naimi, the plan forms parts of the Kingdom’s strategy to diversify its economy and increase its share of the global crude and petroleum products markets. Currently, Saudi Arabia is the world’s top exporter of petroleum liquids, but much of that is refined elsewhere.

Two new refineries are due to increase Saudi Arabia’s refining capacity by 800 000 bpd this year. Furthermore, a planned 400 000 bpd oil refinery in Jazan, which is expected to come onstream in 2017, is estimated to boost the Kindgom’s capacity to more than 3 million bpd.

“These projects will make the Kingdom one of the five largest countries in the world in terms of refined crude capacity and the second largest exporter of refined products after the US,” said al-Naimi.

Edited from various sources by Rosalie Starling

Sources: Wall Street Journal, Fuel Fix

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