Saudi Arabian Oil Co. will push ahead with plans to expand and integrate its refining and chemicals businesses even amid the decline in oil prices, Chief Executive Officer Khalid Al-Falih said. The state-run oil company , known as Saudi Aramco , has a target of producing petrochemicals from 10 percent of all crude processed at its refineries, he said at an industry conference in Dubai. Oil producers in the Persian Gulf can withstand a period of low crude prices because countries in the region are fiscally strong, Al-Falih said. Brent crude , a global benchmark, has tumbled 30 percent this year. “For a refiner to be profitable, integration with petrochemicals is very essential,” he said today. Middle Eastern oil and natural gas producers are expanding petrochemical and refining operations to make fuel and other products that fetch higher prices than crude. Boosting petrochemical output is a long-term strategy for […]