Saudi Aramco to spend $125bn to boost refining

Saudi Aramco, the world’s largest oil exporter, will spend about $125 billion on projects over the next five years as it seeks to increase refining capacity by 50 per cent, Chief Executive Officer Khalid Al Falih said.The company wants to increase oil processing capacity to six million barrels a day from the current 4m barrels, Al Falih said in a speech in Seoul on Tuesday.

Aramco is building two plants in the kingdom and is considering a further four “grassroots” facilities, he said. That includes one refinery at Jaizan in Saudi Arabia and possible joint-venture projects in China, Vietnam and Indonesia, he added. Aramco’s domestic and international spending plans include upstream oil exploration and production as well as natural gas, refining and petrochemical facilities, he said. Saudi Arabia plans capital expenditure of more than $450bn in the same period, according to Al Falih.