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Saudi Aramco is planning to shift around 2 million-3 million barrels of crude oil to the production of petrochemicals in the next decade. CEO Amin H Nasser said at International Petroleum Week in London Tuesday.
The company is looking at an around 30%-40% downstream integration in its refineries from 11% in recent years.
The plan for higher integration is in line with an expectation that petrochemicals will be among the key drivers for oil demand in coming years.
Saudi Aramco will pursue the strategy through an upgrade of existing refineries. but also through new investments into downstream projects. such as crude-to-chemicals project. undertaken with Sabic. and RAPID. a 50:50 joint venture with Petronas.
