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Saudi Aramco’s Executive Vice President of Refining, Chemicals and Marketing, Mohammed Al-Qahtani, said the chemical sector represents an extension of the hydrocarbon value chain, so the company has adopted an integrated and long-term strategy in this regard. Diversify sources of income and increase value addition at various stages of the hydrocarbon chain.

In an interview with Al-Arabiya, Al-Qahdani said this is done through several axes, especially benefiting from the conversion of liquids into chemicals, secondly by improving the expansion and consolidation in the refining and chemicals sector and thirdly by diversifying the company’s product portfolio. Oils and lubricants.

According to Al-Qahtani, “We have concluded several strategic contracts and investments aimed at translating the strategy, improving the capacity to convert liquids into chemicals and reach about 4 million barrels per day.”

He continued, “Over the past year, we have achieved many milestones in the transformation project, and last December, Aramco and Total made the final investment decision to establish a $11 billion world-class petrochemical complex, the Admiral Complex.”

He noted the development of the Shaheen project announced in November 2022 by an affiliate of Saudi Aramco (S-Oil) as a key part of Saudi Aramco’s strategy to convert crude oil into chemicals. Production of petrochemicals will be the largest in the world, costing 7 billion. dollars and a production capacity of 3.2 million tonnes per annum of petrochemicals, and a base booking for the same was made last March.

As part of the deal, first announced in January 2022, Aramco concluded 3 contracts with Polish refining and fuel sales company PKN Arlan, under which it acquired a 30% ownership stake in a refinery with a capacity of 210,000 barrels. per day in Gdansk, 100% in the fuel products marketing and sales company, and 50% in the aviation fuel marketing and bottling company in a joint venture with BP Europe SE, “Sunset Lotus” with “Arlan” company “after the merger of BKN” in 7 airports in Poland. .

Al-Qahtani said last year Aramco acquired the American company “Valvoline”, a leading independent global manufacturer and distributor of commercial and industrial lubricants with premium brands and automotive chemicals with a history dating back 150 years.

He stressed that Aramco is focusing this year on continuing its efforts to achieve its ambitions to boost investments in refining and petrochemicals, particularly in China.

He mentioned the most important projects implemented by Aramco to expand its presence in the refining sector in China, including the Aramco Huajin project, which includes a large integrated refinery and a petrochemical complex in collaboration with Chinese groups.

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