Saudi oil giant Aramco will be heavily investing in increasing its refining capacity and chemicals business in pursuit of securing more downstream markets for its crude oil, Aramco’s Senior vice president of Downstream, Abdulaziz Al-Judaimi, told Reuters in an interview published on Tuesday. Aramco, which produces around 10 million bpd of crude oil, aims to increase its refining capacity from 5 million bpd now to 8 million bpd-10 million bpd, and to double its petrochemicals production by 2030, Al-Judaimi said. “Our strategy is very simple. We want to be at 8 to 10 million barrels per day of participated (refining) capacity … (and) we are going forward by trying to be a top leader in chemicals by 2040,” the manager told Reuters. The chemicals business is Aramco’s key strategy for the decades to come to diversify the risk of a slowdown in oil demand. The Saudi energy giant is […]