DUBAI Nov 28 State oil company Saudi Aramco
aims to almost triple its chemicals production to 34 million
metric tons per year by 2030, a senior company executive said on
"In chemicals, our equity capacity, across our global
operations, is expected to grow from 12 million metric tons per
year to 34 million over the same period," Abdulaziz al-Judaimi,
the company's business line head for downstream, said in a
speech at a conference in Dubai.
Over the same period Aramco's global refining capacity is
set to rise to 8-10 million barrels per day (bpd) from more than
5 million bpd currently.
The company's refining capacity has grown as it has invested
heavily to raise its oil production capacity to 12 million bpd.
Developing petrochemicals is part of the kingdom's Vision
2030 economic reform plan announced this year which aims to
diversify the economy away from oil.
Aramco has been integrating its refineries with
petrochemical infrastructure as it develops its downstream
business and expands its trading of refined products.
The integration will help it to maximise value from its
hydrocarbon base, diversify feedstock and chemical products,
which is key to Aramco's plans to diversify its operations.
Aramco this year initiated the Middle East's first
mixed-feed cracker at its Sadara Chemical Company, an 80 billion
riyals petrochemical joint venture with U.S. company Dow
It is also expanding its PetroRabigh facility, Rabigh 2, a
joint venture with Japan's Sumitomo Chemical. That
facility is integrated with a refinery on the Red Sea coast.
In 2014, former Aramco CEO Khalid al-Falih, who is now
chairman of the company and Saudi energy minister, said Sadara
and PetroRabigh would take the company's total chemicals
participated production capacity to more than 15 million tonnes
"Next year, nine out of Saudi Aramco's 15 refineries will
produce chemicals, with conversion rates that can go to 20
percent of the total crude processed," Judaimi said.
The company has also set up ARLANXEO, a joint venture with
Germany's Lanxess, which Judaimi said offered growth
(Reporting by Reem Shamseddine, David French and Maha El