(MENAFN- Saudi Press Agency)
Saudi Aramco's Downstream continued to provide an engine for the company's growth and diversification, driving value across the hydrocarbon chain by expanding and integrating the company's portfolio and partnerships, and creating additional revenue streams. In 2017, crude oil exports averaged 6.9 million bpd, and gross refining capacity was 4.9 million bpd.
Saudi Aramco completed the acquisition of Motiva, which includes North America's largest single-site crude oil refinery in Port Arthur, Texas, and signed an agreement to participate in Malaysia's Refinery and Petrochemicals Integrated Development (RAPID) project with Petronas, which includes a 300,000 bpd refinery, three million tons per annum of olefins capacity, and chemicals manufacturing units. In addition, a Memorandum of Understanding was signed with Norinco to build a 300,000 bpd capacity refinery and expand another in China.
In-Kingdom, the company's Sadara joint venture with The Dow Chemical Company also witnessed a milestone with the full operation of the last of its 26 plants, a commissioning that takes Saudi Arabia's chemicals industry to the next era. The facility achieved reliable operations at full design feed capacity of 85 million scfd of ethane and 53,000 bpd of naphtha.
Our approach to downstream integration, expansion and petrochemicals growth is underpinned by our unwavering commitment to technology and innovation, and developing world-class collaborative partnerships to advance cutting-edge science.
This means efficiently applying existing and proven Crude Oil to Chemicals Technologies (COTC) on a large scale industrial basis, and also pioneering new Crude to Chemicals (C2C) technologies that advance the forefront of knowledge and boundaries of what is possible in petrochemicals production.
Saudi Aramco is continuing its pioneering thermal crude oil to chemicals (C2C) technology program that was successfully piloted in 2017 and delivered higher chemicals yield than previously achieved. We also established a strategic partnership with leading technology providers, Chicago Bridge & Iron and Chevron Lummus Global, to de-risk and scale up this technology.
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20:05 LOCAL TIME 17:05 GMT
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