Saudi Aramco to Expand Into Vietnam, Indonesia After China
Saudi Aramco, the world’s largest oil exporting company, is planning to expand into Vietnam and Indonesia, adding to its business in Asia.
“As we speak we are busy developing new joint ventures or expanding existing investments with NOCs like Sinopec and CNPC, PetroVietnam and Pertamina,” Aramco Chief Executive Officer Khalid Al-Falih said, according to a text of a speech posted on the company’s website yesterday.
Saudi Aramco last month announced two ventures with Chinese national oil companies, or NOCs. Sinopec agreed to take a 37.5 percent stake in Aramco’s planned 400,000-barrel-a-day fuel- processing plant at Yanbu, on the kingdom’s Red Sea coast. With China National Petroleum Corp., the Saudi producer committed to building a 200,000-barrel-a-day refinery in southern China’s Yunnan province.
While the Dhahran, Saudi Arabia-based company is building more relations with national companies, it will continue to work with multinational businesses such as Total, Dow Chemical, Sumitomo Chemical and Shell, Al-Falih said.
To contact the reporter on this story: Wael Mahdi in Khobar, Saudi Arabia, at wmahdi@bloomberg.net
To contact the editors responsible for this story: Stephen Voss on sev@bloomberg.net; Dan Stets at dstets@bloomberg.net
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