Aramco, as Saudi Arabian Oil Co is usually known, is set to add another superlat...
To diversify its oil business, Aramco is expanding in refining and petrochemicals with the aim of almost tripling its chemicals production to 34 million tonnes per year by 2030 and raising its global refining capacity to 8-10 million barrels per day from more than 5 million bpd.Explorers from the Rockefeller family’s Standard Oil Company struck oil in Saudi Arabia in 1938. The venture became known as the Arabia American Oil Company and crude oil production hit 500,000 barrels per day in 1949.
By 1980, the Saudi government had bought out all the original shareholders and owned 100% of the company. Eight years later, the Saudi Arabian Oil Company was officially established. Aramco has fueled decades of prosperity in Saudi Arabia. The kingdom is the de facto leader of the Organization of Petroleum Exporting Countries or OPEC, helping engineer price moves on world oil markets.
Crown Prince Mohammed bin Salman wants to diversify the Saudi economy away from oil. Announcing plans for an Aramco IPO in 2016, he said the kingdom must end its “oil addiction” to ensure it was no longer at the mercy of commodity price volatility.Aramco had 260.2 billion barrels of oil equivalent in 2017, larger than the combined reserves of Exxon Mobil Corp, Chevron Corp, Royal Dutch Shell Plc, BP Plc and Total SA. The reserves have an estimated life of 54 years.The company produced 10.
Aramco is also expanding its oil refining and downstream capacity in the region, particularly in rapidly growing countries such as China and India. Aramco in 2018 had a net refining capacity of 3.1 million barrels per day.With 76,000 employees in 2018, Aramco has energy industry operations, research facilities and offices scattered across the globe, in Asia, Europe and the Americas. It has country offices in Beijing, New Delhi, Singapore, New York, London, Houston and elsewhere.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Crown Prince approves announcement of Aramco IPO on Sunday - sourcesSaudi Arabia's Crown Prince Mohammed bin Salman on Friday agreed that the i...
Read more »
Saudi Crown Prince approves kick-off of Aramco IPO on Sunday: sourcesSaudi Arabia's Crown Prince Mohammed bin Salman on Friday agreed that the i...
Read more »
Saudi Aramco says posted nine-month net income of $68 billionSaudi Aramco, the Saudi state oil giant, said it posted a net income of $68 bill...
Read more »
Saudi Arabia formally starts IPO of state-run oil firmSaudi Arabia formally starts its long-anticipated initial public offering of its state-run oil giant Saudi Aramco, which will see a sliver of the firm offered on a local stock exchange in hopes of raising billions of dollars for the kingdom.
Read more »
Aramco meets investors in last-minute bid to hit $2 trillion IPO target: sourcesSaudi Aramco officials and advisers are holding last-minute meetings with invest...
Read more »