Saudi Arabian Oil Co. plans to build refineries in China and Indonesia as part of a $200 billion spending program to double refining capacity and explore for oil and natural gas over the next decade.
Saudi Aramco, as the state-run company is known, is preparing for talks about “final terms” for a Chinese refinery and is still waiting for “good terms to be put on the table” for a processing plant in Indonesia, Chief Executive Officer Khalid al-Falih said in an interview. Aramco is likely to decide soon on whether to invest in expanding a plant it operates jointly with Japan’s Sumitomo Chemical Co., he said on Jan. 14.
Aramco, the world’s largest crude exporter, is expanding refining and petrochemical production to meet domestic demand and export refined products that can fetch higher prices than oil. The company plans to boost its global refining capacity to 8 million barrels a day in 10 years, including projects yet to be announced, al-Falih said.
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