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Saudi Aramco has outlined its strategy to expand participation refining capacity to 8-10mn b/d and grow into a leading chemicals firm over the next 10 years, which will see an outlay of more than $100bn, both in the kingdom and abroad.
Speaking at last week’s Petrotech conference in Bahrain, Saudi Aramco CEO Khalid al-Falih explained that the company’s massive downstream investment plan is supported by its belief that world oil demand will grow by 25% over the coming 25 years.
“Globally, these investments [are] premised in the long term sustainability of oil demand,” Mr Falih said. “In the years to come, Saudi Aramco will have 8-10mn b/d of participation in refining capacity, primarily in the high demand growth markets of the Far East and here at home in the Middle East, that will make us one of the largest downstream players on the planet by volume.”
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