Saudi Aramco is reportedly reviewing plans for major projects due to low oil prices. Bloomberg reports that the firm is shelving a $20bn, 400,000 b/d crude oil to chemicals (COTC) project at Yanbu on the Red Sea, while reviewing a deal to buy 25% of Sempra’s 11mn t/y LNG project in Texas.
Other Aramco projects under review include a $6.6bn integration of petrochemicals at its 635,000 b/d Motiva refinery in Texas, according to a 2 September Wall Street Journal report. Aramco is pausing investments in refineries in China, India and Pakistan, the WSJ adds. Aramco last week shelved a plan to buy a 35% stake in China’s proposed $10bn Panjin refinery and integrated petrochemicals JV complex (MEES, 28 August). (CONTINUED - 161 WORDS)