Saudis Splurge in Asia to Win Loyal Oil Customers for Decades

Saudi Arabia is spending generously now on Asian refiners to lock in its position as the region’s biggest supplier of oil for decades to come.

The Saudi national oil company is part of a group that’s building a processing plant in China and it teamed with Asia’s biggest refiner on another in Fujian province. Oil Minister Ali al-Naimi traveled to Beijing last month, highlighting the importance of the world’s second-biggest crude consumer to his country’s future. He also visited a South Korean refinery in which his country has a majority interest.