Refining

State oil companies like Saudi Aramco are expanding their crude sales and refining capacity to better compete in a market flush with supply.

Iraq is OPEC’s second-largest oil producer. after Saudi Arabia.

Aramco already controls a large refinery in Texas. after it bought over partner Shell’s stakes in Motiva in March 2016.

In 2016. the volume of oil refining at the company’s refinery in Germany increased by 17.8% .

OPEC agreed to lower production in 2017 and has agreed to maintain output cuts for the whole of 2018.

China’s crude oil imports from Russia rose by 11 percent on the year in November.

The 650.000-barrels-per-day refinery will come on stream by September 2019.

The first gas sweetening train of the refinery will come online by late March 2018.

Besides the Koreans. the Chinese too are planning multibillion-dollar optimization and expansion of two major oil refineries in Iran.

The group will pursue approximately 6.86 billion yuan ($1.05 billion) of the total contract value.