The Gulf region’s refining capacity will grow by about 3 million barrels per day (bpd) to about 10 million bpd by 2015 to help meet the region’s burgeoning demand for oil products, said a senior executive of Saudi Aramco.
“We are clearly focused on the downstream as the area of greatest potential for future growth and impact, and indeed, I believe the entire Gulf is set to enter a golden age when it comes to downstream activities,” said Aramco executive vice-president of operations Khalid A. Al Falih.
He said in 2008 and 2009, the Gulf region will add more than 20 million tonnes per year of chemicals to its production base.
At present, Saudi Aramco is working towards raising its domestic and international refining capacity to 3.2 million barrels per day from around 2.4 million bpd, by 2013.
Saudi Aramco has stakes in the Motiva Enterprises’ Port Arthur refinery, which is nearly doubling its capacity, and in a Fujian, China, refinery, which is tripling output. Within Saudi Arabia, Aramco is doubling the capacity of its Ras Tanura refinery to nearly 1 million barrels per day and building joint-venture export-oriented refineries in Jubail and Yanbu.