The hugely-ambitious 400,000 b/d Jazan refinery – part of $20bn plans to develop the remote region – is now slated for 2018 start-up. With this, Yasref and Satorp plants, Aramco aims to become global number two in product exports.
Saudi Arabia is set to become the world’s second largest exporter of refined products once the 400,000 b/d Jazan oil refinery is operational, Oil Minister Ali Naimi says. The kingdom’s strategy is to gradually ease reliance on crude oil as a main contributor to GDP, by expanding the nation’s industrial base with projects such as the Jazan Economic City to create added value, he this week told an investment forum. The kingdom, however, will remain the world’s largest exporter of crude oil, Mr Naimi asserts. (CONTINUED - 1654 WORDS)