By Neil King
Company says it also remains committed to plans to build oil refinery in China
The CEO of Saudi Arabian Oil Company (Saudi Aramco) has said the company expects to become the top producer of refined products such as fuel and petrochemicals.
Already the world’s biggest crude exporter, CEO Khalid Al-Falih told a conference in Beijing: “In the years to come, we will become the world’s single largest oil refiner,” adding that Aramco remains “committed” to plans to build an oil refinery in the southwestern province of Yunnan in China.
In 2011 Aramco signed a deal with Chinese oil company PetroChina to build the refinery, part of the company’s refining and petrochemical expansion which plans to double global refining capacity to 8m barrels per day within ten years.
Al-Falih added: As one of the largest consumers of crude oil, and soon its largest importer, China plays an important role in the world of petroleum, especially for us at Saudi Aramco.
“There is a tremendous degree of synergy between our company and the energy sector of China. This has been proven time and time again by the strengthening relationships we have enjoyed over the last two decades, though it is clear to me that the best days of our work with China are still to come.”