Saudi Arabia: Aramco Seeks to Grow Downstream Operations
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Monday, 10 October 2011 |
State oil firm Aramco plans to make greater investments on the downstream side, according to Chief Executive Khalid al-Falih. At a press conference announcing a joint agreement with Dow Chemical to build a $20bn petrochemical plant in Jubail on the gulf coast, al-Falih said that it would try to balance its portfolio while maximising profits from existing operations.
“We need to bring some balance to our portfolio: our portfolio is extremely unbalanced now,” said al-Falih, adding that the company did not have a “specific target” for its investments. “Our presence in downstream, in refining, is big and it’s getting bigger and in the future you will see Saudi Aramco being the largest refiner in the world because others are reducing exposure. We see it as an area of growth for us,” he added.
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