SAUDI ARABIA: Aramco to spend more than USD 100 billion on chems projects over next 10 years
Saudi Aramco, during the recent 13th Annual Gulf Petrochemical and Chemicals Assn. Forum, said it is planning chemicals investments of over USD 100 billion over the next 10 years, not including a prospective acquisition.
In a keynote speech, Aramco President and Chief Executive Amin H. Nasser explained that chemicals will represent about one-third of world oil demand growth between now and 2030, and nearly half by 2050. Petrochemicals will add almost 7 million b/d of oil demand by 2050, reaching a total of about 20 million b/d. Aramco aims to convert 2 million b/d of crude oil into petrochemicals in both Saudi Arabia and in "fast-growing" markets and may eventually increase its target to 3 million b/d.
Source: Weekly “PetroChemical News”, Durham, NC, USA; 3 Dec 2018
(Syed Rashid Ali, Karachi, Pakistan)
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