Saudi Aramco increases investment in Asian chemicals

Recently, the head of Saudi Aramco’s downstream business said that Saudi Aramco will increase chemical investment in emerging economies, especially in Asia.

Abdulaziz Gudaimi, Senior Vice President, Downstream, Saudi Aramco, said in an interview: "We are actively taking steps to create a fully integrated business in Asia covering everything from oil supply and refining to petrochemicals, specialty chemicals, lubricants and foundations Oil, marketing and sales."

He also said: "We are looking for partnership opportunities in many Asian countries such as India, Malaysia, China and South Korea to expand and develop our business as crude oil suppliers and downstream investors." He pointed out that Aramco views Asia as The region with the largest growth of its products, and is committed to expanding in the region to further promote energy security and economic development.

The data shows that Saudi Aramco's financial report for the first quarter of 2020, during the period, the company's revenue was 225.57 billion rials (about 60.15 billion U.S. dollars), a year-on-year decrease of 16%; net profit was 62.48 billion rials (about 16.64 billion U.S. dollars), A year-on-year decrease of 25%. Although oil prices fell and refining and chemical profits fell, net profit in the first quarter still reached $16.7 billion.

It is reported that on June 15, Saudi Aramco completed the acquisition of 2.1 billion (70%) shares of Saudi Basic Industries Corporation (SABIC). This transaction is part of four transactions on the Saudi Tadawul Exchange, which totaled 259.125 billion rials, or US$69.1 billion (US$32.8 per share).