Saudi Aramco’s plans to raise domestic crude capacity from 12 to 13mn b/d have grabbed the lion’s share of the headlines in terms of the firm’s overall plans to hike capital spending from $31bn for 2021 to over $40bn this year and higher still for each of the three coming years.
But with upstream expansion already in train, with key contracts awarded (MEES, 19 August), Aramco’s key focus in terms of further expansion has switched to the downstream, in particular plans to quadruple oil-to-chemicals capacity to a massive 4mn b/d by 2030 (MEES, 25 March). Much of this is to be achieved through overseas acquisitions and joint ventures which are currently under discussion. (CONTINUED - 1152 WORDS)
