Saudi Aramco is predicting its downstream investments will exceed US$100 billion over the next decade, as global demand for oil rises by a quarter in the next 25 years.
The state-owned firm of the world’s largest oil exporter told regional media before the summer that the investments
would be driven by global demographic growth and rising standards of living in emerging markets.
Aramco’s refining capacity would be 8-10 million bpd in the coming years, a figure exceeding the goal cited by Aramco in 2012 of 8 million bpd. This capacity will primarily be in high demand growth markets in Asia and the Middle East that will make the group one of the largest downstream players in the world.
The group wants to grow its petrochemicals division. According to its 2013 annual review, Aramco and its subsidiaries own or have equity in domestic and international refineries with a total worldwide capacity of 4.9 million bpd, of which its share is 2.6 million bpd, making it the world’s sixth largest refiner.
Aramco is in a joint venture with Dow Chemical Co to build the $20 billion Sadara petrochemical complex in Jubail that is due to come on stream in the second half of 2015. It is also expanding its PetroRabigh complex jointly owned
with Sumitomo Chemical.