Aramco seeks top refining and chemicals spots to bolster growth

“We have massive reserves” of oil, Al-Judaimi told reporters during a presentation at the company’s headquarters in Dhahran. “Our first objective is to monetise those reserves.”

DUBAI: Saudi Aramco is pressing ahead with plans to become the world’s biggest oil refiner and a top chemicals maker to secure future demand for its crude and bolster growth.

The state oil producer is looking to invest in projects that are already built or under construction in markets with the fastest-growing demand such as India and China, said Abdulaziz Al-Judaimi, Aramco’s senior vice president for downstream. Expanding in chemicals will boost profitability in this business, which processes crude into fuels like gasoline or products like plastics, he said.