Aramco rethinks downstream priorities
Riyadh's stuttering attempt to attract international investors to state oil firm Saudi Aramco's chimeric initial public offering (IPO) is forcing a re-evaluation of downstream projects
A declaration of intent some three years ago by state oil giant Saudi Aramco to nearly double global refining capacity to 8-10mn bl/d over the following decade was swiftly followed by agreements to invest in a raft of international downstream ventures, primarily in Asia. At home, an ambition to convert an ever-higher proportion of the company’s oil into value-adding petrochemicals was enshrined in plans for a landmark plant in Yanbu, on the west coast, processing crude directly into chemicals in joint venture (JV) with soon-to-be subsidiary Saudi Basic Industries Corporation (Sabic). However, as the oil firm and its heavyweight banking advisory team courted investors anew during the fourth
Also in this section
9 January 2026
The Latin American producer’s crude prospects rely on a multi-pronged approach where even the relatively easy wins will take considerable time, effort and cost
9 January 2026
While many forecasters are reasserting the importance of oil and gas, petrostates should be under no illusion things are changing, and faster than they might think
8 January 2026
Indonesia and Malaysia are at the dawn of breathtaking digital capabilities. Their energy infrastructure must keep up with their ambitions
8 January 2026
The next five years will be critical for the North Sea, and it will be policy not geology that will decide the basin’s future
