China’s unparalleled ability to build high-conversion integrated refining and petrochemicals complexes at lower cost has placed it firmly at the heart of Saudi Aramco’s expansion strategy.
Aramco launched its strategy to quadruple liquids-to-chemicals capacity to 4mn b/d two years ago, in order to future proof its business model amid the energy transition (MEES, 25 March 2022). Petrochemicals is widely seen as being a key driver of long-term global oil demand growth. Of the additional 3mn b/d capacity, 1.6mn b/d will be added domestically, with the remaining 1.4mn b/d coming from overseas projects (MEES, 20 May 2022). (CONTINUED - 857 WORDS)
