Aramco and ADNOC Expanding Into Chemicals Amid Asia Growth

Bloomberg, November 28, 2016

Saudi Arabian oil giant, Saudi Arabian Oil Co. (Saudi Aramco), and the UAE's Abu Dhabi National Oil Co. (ADNOC) plan to more than double their production of petrochemicals over the next 10-15 years to cash in on growing demand for chemicals used to manufacture plastics, particularly in Asian markets.

By 2030, Asia will become the main driver of global economic growth and will also represent the world’s largest market for consumer goods,” Sultan Ahmed Al Jaber, ADNOC's chief executive officer, said Monday at a conference in Dubai. “Demand for petrochemicals by 2030 will in fact double, representing an unprecedented market opportunity.” ADNOC is targeting an increase in petrochemicals output to 11.4 million tons a year by 2025, up from 4.5 million currently, Al Jaber said.  

State-run Saudi Aramco will boost petrochemicals output to 34 million tons a year by 2030 from 12 million tons a year, Abdulaziz Al-Judaimi, head of Aramco's downstream business, said at the conference. By next year, the company will have integrated chemical-production facilities at nine of its 15 crude-processing plants, he added.

Click here to read the full article from Bloomberg.

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