OIL AND GAS to diversify the Saudi economy by creating a global network of refining and petrochemical facilities that would provide Saudi production a wide spectre of higher-value products .
Dr Naser Al-Tamimi , an independent UK-based Middle East researcher and political analyst , recalls that Aramco , in its latest annual review , ambitiously envisaged its new role : “ Saudi Aramco remained steadfast to its vision of becoming a top-tier , globally integrated energy and chemicals company .”
Aramco plans to double its global refining capacity from 5.32mn barrels per day ( mb / d ) currently ( 2.9 mb / d in Saudi Arabia , 1.07 mb / d in the US and 1.13 mb / d in Asia ) to 10-12 mb / d and to increase its global petrochemicals capacity from 12mn tons per year to 34mn tonnes . Thus , “ the deal is a big step in that direction , and shows Aramco ’ s determination
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