By J Shankar
Abdulaziz F. Al Khayyal, senior vice president at the Saudi producer, says Asia is a crucial long term market for Saudi Aramco.
Saudi Aramco aims to boost revenue by dramatically increasing exports to Asia. Abdulaziz F. Al Khayyal, senior vice president at the Saudi producer, recently visited Aramco’s Asian customers and said the company’s business in Asia is fundamental to fulfilling its commitments as a reliable supplier of hydrocarbon energy.
“To ensure the long-term placement of Arabian crude oil, we’ve embarked on a series of joint ventures in Asia to find dedicated outlets for our crude oil,” said Al Khayyal.
Booming demand for energy in the Asia-Pacific region has been a major factor in energy markets in recent times, and indications are that the growth will continue long term.
The International Energy Agency (IEA) predicts that China’s crude oil demand will surge from roughly five million barrels per day (bpd) to 12 million bpd by 2030, while demand in other East Asian countries will more than double in the next quarter century, to 9.4 million bpd.
“There is growth in demand in Asia, and it continues to depend on imported energy, and in particular, oil from the Middle East,” Al Khayyal said.
“Growth will be solid, and it will continue. If you look at China and its consumption rates for both commodities and manufactured goods, you will see they have a lot of room to grow in order to catch up with the developed world. They want access to basic raw materials, and to energy."