Aramco pursues downstream agenda

The Saudi titan’s renewed plans to lock in demand through downstream developments coincide with consumers seeking to guarantee supply

As fears over energy security pushed oil prices towards $100/bl in early 2022, state oil giant Saudi Aramco doubled down on its strategic overseas downstream investment. It resurrected a refining and petrochemicals project in China, with its promise of a guaranteed outlet for exports to its largest crude buyer, while the part-acquisition of a Polish refiner spoke to ambitions to secure a larger slice of the European market. And a long-term sales and offtake agreement with an aspirant Egyptian downstream developer highlighted Aramco’s increasing emphasis in these and other recent deals on maximising petrochemical conversion rates. China is both the largest single importer of Saudi oil—averagi