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Saudi Aramco looks at new ventures around globe

Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007.    REUTERS/ Ali Jarekji/File Photo

 

Reuters

Saudi state oil company Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser said.
“We are looking at the current market status that, even though challenging, is an excellent opportunity for growth,” he told reporters during a rare media visit to company facilities in Dhahran.
The company is continuing to build its oil production and refining capacity, and its Shaybah oilfield is expected to reach output capacity of 1 million barrels per day “in a couple of weeks”, Nasser added.
Aramco has been working to boost Shaybah’s capacity by 250,000 bpd to rebalance its crude oil quality and help compensate for the maturing of other fields. (Reporting by Rania El Gamal; Writing by Andrew Torchia)

Expects huge marine complex operating fully by 2021
National oil giant Saudi Aramco expects a huge ship repair and shipbuilding complex that it is developing at Ras al-Khair on the kingdom’s east coast to be fully operational by 2021, chief executive Amin Nasser said on Tuesday.
Under a sweeping economic reform programme announced last month, Aramco is to play a big role in developing industrial projects as Saudi Arabia tries to diversify
its economy beyond reliance on oil exports.
The first part of the shipbuilding complex will be ready by 2018, and it will eventually make oil rigs and tankers, Nasser told reporters during a rare media visit to company facilities in Dhahran.
A presentation by the company showed the complex would create 80,000 jobs and allow Saudi Arabia to reduce its imports by $12 billion, while increasing the country’s gross domestic product by $17 billion. (Reporting by Rania El Gamal; Writing by Andrew Torchia)

Saudi Aramco prepares for global expansion as IPO looms
Saudi Arabia’s state-owned oil giant Aramco is seeking to expand globally via joint ventures overseas as it prepares for a partial privatisation pushed by a government intent on
diversifying the economy.
The company is looking at opportunities in the United States, India, Indonesia, Vietnam and China, chief executive Amin Nasser told reporters during a rare media visit to the company’s Dhahran headquarters.
“We are looking at the current market status that, even though challenging, is an excellent opportunity for growth,” Nasser said, adding that he believed an extra 1.2 million barrels per day would be added to global oil demand this year.
Changes to Saudi Aramco lie at the heart of plans for a radical overhaul of the kingdom’s economy and energy sector to meet the challenge
of expected lower oil prices that
have already caused massive fiscal deficits in Riyadh.
Saudi Arabia is expected to sell up to five percent of Aramco via an initial public offering (IPO) and has asked the company to play a big role in
developing industrial projects aimed at diversifying the energy-centred economy.
“We will meet the call on Saudi Aramco,” Nasser said, adding that the company produced an average of 10.2 million bpd of crude in 2015 and
that the latest stage of its expansion project at the southeastern Shaybah oil field would be finished “in a couple of weeks”.
The increased capacity of 250,000 bpd, taking Shaybah’s total production capacity to 1 million bpd, is aimed at rebalancing Saudi Arabia’s crude oil quality and at compensating for falling output at other fields as they mature, he said.
Saudi Aramco also expects a huge ship repair and shipbuilding complex that it is developing at Ras al-Khair on the kingdom’s east coast to be fully operational by 2021, Nasser said.
The first part of the shipbuilding complex, part of Riyadh’s plans
to boost industrial diversification, will be ready by 2018, and it will eventually make oil rigs and tankers, Nasser said.
A presentation by the company showed the complex would create 80,000 jobs and allow Saudi Arabia to reduce its imports by $12 billion, while increasing the country’s gross domestic product by $17 billion.

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