Refining

Aramco planned to invest up to $1.6 billion in Hyundai Oilbank. to expand its foothold in South Korea.

U.S. sanctions have removed 800.000 bpd of heavy crude from the global market.

Aramco fully owns three refineries in Saudi Arabia and the Motiva Enterprises LLC plant in the U.S.

The company is preparing to raise debt in part to pay for the acquisition of a majority stake in domestic petro-chemical group Sabic.

Sabic was formed in the 1970s to make use of byproducts from refineries.

The total refining capacity of the refinery will be 10 million tons.

Aramco expected to boost its exports to Chinese refiners to 1.5 million bpd this quarter from 1 million bpd last year.

Part of the project includes a third agreement with Zhejiang Energy to invest in a retail fuel network.

Persian Gulf Star Refinery is the world’s largest gas condensate refinery and the first one in the Middle East.

Aramco is also expanding its refining investments in China.