Saudi Aramco aims to be the leading integrated energy and chemical company in the world by 2020, while maintaining its role as the largest crude oil exporter, the company’s Senior Vice President, Ahmad Al Sa’adi said.
“Saudi Aramco would like to help grow Saudi Arabia’s energy sector as well as contribute to its economy’s sustainable expansion,” Al Sa’adi said, speaking at the seventh Bosphorus Summit held in Istanbul.
Saudi Aramco -- Saudi Arabia’s national petroleum and natural gas company -- currently has 5.4 million barrels of oil per day refining capacity, making it the sixth largest refinery in the world, Al Sa’adi said, adding that it also manages the world’s largest reserves.
Saudi Aramco aims to support Saudi Arabia as an investment power in energy and to achieve its 2030 vision as an industry leader in its field, Al Sa’adi asserted.
The company wants to increase its refining capacity to 10 million barrels of oil per day in the next 15 years to help with the country’s 2030 vision, he added.
Saudi Arabia’s 2030 vision lays out a blueprint for the kingdom's long-term goals and expectations reflecting its strengths and capabilities. Some of the principle aims of the kingdom are to become a "global investment powerhouse" and to transform the country's unique strategic location into a global hub connecting three continents, Asia, Europe and Africa.
“Saudi Arabia has employed 13 national transformative programs to be able to achieve this vision,” he said. “These include forming strategic partnerships, strengthening the private and public sector and restructuring the country’s public investment funds.”
The company also aspires to increase exports by 30 percent by 2021 in line with its vision.
“We want to be the largest supplier of oil globally,” he said. “We are also trying to create additional value by strengthening our refining, marketing and petrochemical businesses.” he said.
As part of its goals to achieve world leadership in energy and chemicals, Saudi Aramco also strives for global leadership in its technology strategies. “The company will look to accomplish this through both organic and inorganic growth,” he explained.
Al Sa’adi said Saudi Aramco also plans to lessen the carbon foot print in production in line with the global targets to combat climate change.
By Sibel Akbay
Anadolu Agency
Sibel.akbay@aa.com.tr