Riyadh – Mubasher: State-run Saudi Aramco has revealed plans to expand its presence in Asia over the coming period, despite the limits which are expected to be imposed on production in 2019 by the Organization of the Petroleum Exporting Countries (OPEC), CEO Amin Nasser stated.
The largest international oil firm eyes implementing transactions in China and Africa as part of plans to be a major and global contributor in chemical industries, Nasser told Reuters on Monday.
The Middle Eastern oil giant’s potential expansions in Asia are forecast to be in China, India, Malaysia, and Indonesia.
“We are looking at two potential JVs (joint ventures) for refineries in China right now ... We continue to expand our market share in different markets,” the CEO further indicated.
Earlier on Monday, Aramco has signed around 31 agreements at as much as SAR 100 billion ($26.67 billion) in investments, in addition to revealing plans to ink 30 deals this week worth around $25 billion with a raft of local and foreign companies.
The state-owned firm is currently holding its In-Kingdom Total Value Add Programme (IKTVA), which kicked off on Monday and would end on Tuesday.
