RELATED ARTICLESSeptember 1010 - Demand changes say the world needs fewer oil refineries, in different locations and making a different slate of products, Martin Quinlan writesSeptember 1010 September 1010 - Lithuania: Poland considers selling refineryJuly 2010 - Trafigura on trial over Ivory Coast wasteJune 2010 - Four of the UK's remaining eight oil refineries are up for sale as the major companies rush for the exit, Martin Quinlan writes
Free Preview
Saudi Aramco looks east for new downstream oil opportunities
Saudi Arabia has positioned itself as the crude supplier of choice for Asia-Pacific and is quietly cornering the region's refining market as well, writes Digby Lidstone
SAUDI ARABIA sent its first tanker of crude oil to a refinery in China's southern province of Fujian in spring 2008. In terms of the global ebb and flow of crude, the cargo was insignificant. But for state-owned Saudi Aramco, it was symbolic of a shift in focus from western to eastern markets. It also marks a shift in downstream strategy. Bound from Ras Tanura, the 0.9m barrels of oil were transported to Fujian Refining and Petrochemical, a $5bn joint venture between Aramco, ExxonMobil and China's state-owned Sinopec. The plant exemplifies Saudi Arabia's new approach to its downstream businesses – taking stakes in foreign facilities and building downstream assets close to home. Of the new refining capacity planned in the Middle East, more than a third is due to be built in the kingdom. The outstanding ...Click here to continue reading Saudi Aramco looks east for new downstream oil opportunities
|
