Riyadh – Mubasher: Aramco’s CEO Amin Nasser revealed earlier that his company aimed at regaining its lost market share after the end of OPEC-led output cut agreement.
Aramco plans to launch a downstream expansion strategy to keep pace with “Big Oil”, Nasser added, according to Reuters.
The company is still focus on its refining and petrochemicals expansion strategy, and holds talks with many potential partners in Asia, Europe and the United States, Nasser continued.
“We had to cut our allocations to certain markets based on OPEC’s agreement ... hopefully we will regain these markets as soon as this deal ends,” the top official told the international news agency.
“We have a very reliable customer base. I don’t see any sort of problems in terms of gaining market share beyond the OPEC agreement, and Aramco will continue to abide with OPEC’s production targets” Nasser commented.
Earlier in 2017, OPEC and non-OPEC members agreed to extend the output cut agreement to the end of 2018.
Nasser stated that his company had held talks with Russian firms including Rosneft to discuss potential collaboration, Reuters reported.
During Saudi King Salman's Russia visit in October, Aramco inked several memorandums of understanding (MoUs) with Russian companies.
