Existing Saudi Aramco Partnerships and Projects
1. Global Picture
Chief Executive Dec. 2007 –Saudi Aramco controls over 25% of worlds proven oil reserves; has investments/partnerships in “US, China, Japan, Singapore, South Korea, Malaysia, Philippines, and Europe.”
2.China
Wall Street Journal Jan. 23, 2006, Saudi Arabia Country Report May 2007 EIUSinopec drilling for natural gas in Saudi Arabia, Sinopec partnering with Saudi Aramco and Exxon Mobil to triple the capacity of a refinery in Fujian province to approx. 240,000 bbl/day of petrochemicals and aromatics, Aramco holds a 25% stake in this project, Aramco alsopartnering to build another refinery in port city of Qingdao
3. South Korea
Financial Times Aug. 10, 2006 –Saudi Aramco largest shareholder in S-oil a South Korean oil and refinery company, Aramco owns 35% stake (value approximately $2.711bil)
4. United States
Chemical Market Reporter July 17-July 23, 2006 -Saudi Aramco chose Dow Chemical to partner in expansion of existing 550,000 barrels/day refinery at Ras Tanura (in eastern province), plan to add plastics and chemical production capabilities on the order of 3mil. tonnes of olefins/aromatics and 4mil. tonnes of polymers/other petrochemicals Middle East Economic Digest May 2, 2008 -deal confirmed, expected to be over $10bil. in value, Aramco and Dow still looking for a bank to finance project, decision expected end of May
Global Refining & Fuels Report Nov. 7, 2007 –Aramco and Shell agree to expand Port Arthur, Texas refinery capacity by 325,000 bbl/day for a total capacity of 600,000 bbl/day
Middle East Economic Digest Sep. 14, 2007Aramco and Conoco canceledFujairah and Yanbu refinery projects de to increasing costs, plan called for 2 export refineries with combined 900,000 bbl/day capacity, cost estimated between $12bil. and $13bil.
5. France
Chemical Week Jan. 21, 2008 -“Jubail Export Refinery Project” joint venture between Aramco and Total S.A., main objective is to produce in-demand petrochemicals and polymers for export (forward integration), refinery capacity is 400,00 bbl/day and will be completed by 2011 (WSJ article below claims refinery will be complete in 2013)
Wall Street Journal May 17, 2008 Aramco and Total will build a 400,000 bbl/day refinery at Jubail, cost is over $10bil
6. India
Global Refining & Fuels Report Jan. 31, 2007 Aramco deemed “likely” to take a stake of “at least 26%” in Indian Oil Co. refinery in Paradip in Orissa province, refineries capacity planned at 15mil. tons/year, Indian govt. also offered Aramco a stake in Hindustan Petroleum’s Bhatinda refinery and Bharat Petroleum’s Bina refinery