Aramco Adds Retail Expansion To Downstream Ambitions

Saudi state firm looking to squeeze maximum value out of its hydrocarbon resources.

While remaining the world’s foremost upstream oil player, Saudi Aramco intends by 2030 to be a world leader in five more businesses, CEO Amin Nasser says.

Writing in the 2 January issue of the in-house Arabian Sun magazine, Mr Nasser says that Aramco plans to be among the top three gas producers worldwide and to become a gas exporter, while its integrated downstream operations will become “just as significant as our upstream.”

The company’s downstream plans include developing “a world-class refining business in the largest and fastest growing countries in the world,” says Mr Nasser, while becoming a “world-class player in trading and retail, becoming a lot stronger in base oils” and “building one of the world’s largest and high[est] value-adding chemicals businesses with crude oil at its heart as feedstock.” (CONTINUED - 1074 WORDS)