12APR2019 - NEWS - Saudi Aramco plans to become world’s biggest crude oil consumer

Saudi Aramco of Saudi Arabia which is well known as the world’s top crude exporter. If all goes to plan, it may also become the biggest user of the fossil fuel. More than a third of Aramco’s oil is currently fed into its fully-owned and joint venture refineries, according to its bond prospectus. The company plans to double its refining network to handle as much as 10 million barrels a day by 2030, locking in a friendly buyer for the kingdom’s crude. Saudi Arabia is leaning on Aramco’s coffers to build its sovereign wealth fund and help develop new industries that can break the kingdom’s reliance on oil. For its part, Aramco is trying to wring more profit from the crude it pumps by turning it into gasoline and diesel as well as plastics and other materials used in consumer goods.

Published by Editor - www.Livebunkers.com at 12-Apr-2019 05:23:34 [UTC] , contact editor at editor@livebunkers.com