Aramco Hunts for Asia Deals to Boost Refining and Chemicals

Saudi oil giant in talks for investments in China and India
Aramco announced over $80 billion downstream deals since 2016

Mohammed Al Qahtani at the groundbreaking ceremony of a major chemical project in Panjin City of northeast China’s Liaoning Province, on March 29, 2023.Photographer: Pan Yulong/Xinhua/Getty Images

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By Matthew Martin

January 26, 2024 at 12:00 AM UTC

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Saudi Aramco, the world’s biggest oil exporter, is seeking refining and chemicals deals in Asia as it looks to rapidly expand the business and secure long-term buyers for its crude.

The company is looking at China and India for more acquisitions, president of the downstream unit, Mohammed Al Qahtani, said. The majority of Aramco’s crude is sold in Asia, and demand for oil and related products is expected to keep expanding in the region, he said.