Saudi Arabia Spends Billions to Get Asia Hooked on Its Crude Oil
- A push in the region echoes its U.S. strategy from the 1980s
- `We would like to multiply our investments in China'
Will There Be Oil Oversupply for the Next Two Years?
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At the heart of Korea’s Onsan Refinery lies a street called “A.I. Naimi Road,” an homage to Saudi Arabia’s oil minister. The reason: state-owned Saudi Arabian Oil Co. holds a 65 percent stake in the complex.
Taking a controlling interest last year in South Korea’s third-largest refinery highlights the shifting dynamics of the oil business. With crude prices down by more than half in the past two years, the Saudis and other oil-rich countries are fighting to lock in customers. Asia, which now accounts for 70 percent of Saudi oil exports, is the primary battleground.