|10-29-2014, 08:32 PM||#1|
Saudi Aramco to expand into petrochemicals industry
Saudi Aramco, the world’s most valuable energy company, is planning to position itself higher in the competitive energy industry, with a number of petrochemicals projects in its scope.
Aramco is planning to spend $100 billion over the next 10 years, mainly investing in the natural gas sector and in alternative technologies such as solar power, according to energy consultancy company IHSEnergy.
According to IHSEnergy, Aramco has partnered with Dow Chemicals to build Sadara, the largest petrochemical facility to be built in a single phase. Sadara is expected to produce nearly 3.2 million tons of value-added petrochemical products.
Sadara Chemical Co. will sell its first products in 2015.
Other projects include, Total Refining and Petrochemical Co., a full-conversion refinery in Jubail with integrated petrochemical processing, and another but smaller refinery in Jubail also that produces chemical products for offshore markets.
The focused push into the petrochemicals industry is totally predictable for Amarco as the world’s energy landscape is changing.
Global crude oil inventories have been more than satiated from new sources of oil from North America, most notably from the shale oil boom in the United States.
Also, prospects of rising supplies from Iraq, Russia, and Brazil could also cram the market in the medium term, which would undermine Saudi Arabia’s ability to charge premium for its oil supply.
With lower feedstock cost advantages for Aramco, being the world’s sixth-largest refiner and a major producer of natural gas, Aramco can put that into its advantage to firm its position as a global competitor in petrochemical output.
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