Logo of Saudi Aramco
Saudi Aramco has an integrated refining, processing and marketing sector, and its investment in this sector helps diversify revenues and enhance the integration of oil and gas businesses, Mohammed Al Qahtani, Senior Vice President of Downstream, told Al Arabiya TV.
He added that this aims to achieve the best value across all stages of hydrocarbon value chain, meet demand for crude oil and gas, and optimize the marketing of crude oil.
The oil giant has the ability to benefit from the production of the exploration and production sector to raise income as it has a distinguished base of global customers and a support network for the refining, processing and marketing sector.
The strategic integration between the exploration and production sector and the refining, processing and marketing sector helps fulfill demand for crude oil by selling it to the company’s wholly-owned refineries inside and outside Saudi Arabia.
The chemicals sector continues to grow through implementing expansion projects, increasing ownership stakes in subsidiaries and carrying out new investments, Al Qahtani said.
He added that the refining, processing and marketing sector made progress through its long-term strategy to enhance integration with the exploration and production sector, improve its business portfolio, and enhance presence in the refining, processing and marketing sector in geographically- strategic regions with strong growth rates.
The top official further said Aramco aims to create additional value across all stages of hydrocarbon chain, and expand the base of its sources of income, while providing flexibility that enables it to face fluctuations in oil prices.
Aramco made progress in implementing the expansion strategy of the refining, processing and marketing sector in both Asia and Europe, and it continues to develop opportunities that contribute to achieving growth goals.
Commenting on the company’s growth strategy in the refining, processing and marketing sector, Al Qahtani said the company seeks to ensure vertical integration, balance its oil production capacity and global refining capacity, as it rationalized the cost of supply.
“The firm mainly aims to carry out profitable projects and achieve a more reliable position for the production of crude oil in the future,” he noted, adding that the company achieves greater value by increasing production and securing a market share in high-value markets and sectors that are witnessing significant growth.
Aramco’s refining system enables it to produce larger quantities of highly-profitable refining and chemical products, Al Qahtani concluded.