Saudi Aramco eyes refining and chemicals expansion in Asia
by ChemOrbis Editorial Team - content@chemorbis.com
State-owned oil giant Saudi Aramco is searching for ways to expand its refining and chemicals presence in Asia, according to media sources. The company is actively seeking new deals to enhance its business across the region and find new buyers for its oil.
Aramco’s oil is mostly sold in Asia, where demand is expected to increase. According to the Downstream President of Aramco, Muhammed Al Qahtani, the company is aiming for new acquisitions in Asia, mainly in China and India. The planned investments vary from acquisitions to expansion projects.
The company has made downstream investments worth more than $80 billion since 2016. One of the biggest downstream deals of Aramco was the acquisition of a majority stake in Sabic in 2020.
In 2023, Aramco bought a 40% stake in Gas & Oil Pakistan Ltd.. Moreover, according to media sources, the company plans to grow its retail business in Malaysia.
In January 2024, it was reported that Aramco and China’s Rongsheng were in talks to acquire shares in each other’s units.
Aramco’s oil is mostly sold in Asia, where demand is expected to increase. According to the Downstream President of Aramco, Muhammed Al Qahtani, the company is aiming for new acquisitions in Asia, mainly in China and India. The planned investments vary from acquisitions to expansion projects.
The company has made downstream investments worth more than $80 billion since 2016. One of the biggest downstream deals of Aramco was the acquisition of a majority stake in Sabic in 2020.
In 2023, Aramco bought a 40% stake in Gas & Oil Pakistan Ltd.. Moreover, according to media sources, the company plans to grow its retail business in Malaysia.
In January 2024, it was reported that Aramco and China’s Rongsheng were in talks to acquire shares in each other’s units.
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