Saudi Aramco Seeks More China Deals in Oil-to-Chemicals Push
- Saudi company is already in talks for stakes in three firms
- The exporter wants to secure long-term buyers for its crude
Saudi Aramco's Ras Tanura oil refinery in Saudi Arabia.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Saudi Aramco is looking to invest in more chemical plants in China this year and next, adding to deals it’s already clinched in the country to secure long-term buyers for its crude.
The world’s largest crude exporting company is targeting additional facilities that can turn oil into chemicals, Chief Executive Officer Amin Nasser said. Aramco sees demand for goods such as plastics outlasting the growth in consumption for gasoline and diesel amid the energy transition.