08 May 2016
RIYADH: Saudi Arabia's Vision 2030 has inspired major petrochemical and oil companies in the GCC, such as Saudi Aramco, SABIC and EQUATE, to expand investments outside the Arabian Gulf in order to boost competition and access new strategic markets, especially in Asia, and take advantage of less-expensive raw materials in those markets.
Saudi Aramco has begun to focus on Asia in an effort to realize its ambition to become a globally comprehensive and integrated leader in the energy and chemicals sector by 2020.
The company is currently planning to build a new refinery in India, and is considering the establishment of factories in Indonesia, China, Vietnam and Malaysia, as well as offers to buy stakes in projects for oil refining and petrochemicals in India, the second largest oil consumer in the world without about 80 percent of its crude coming mostly from Middle Eastern countries.
Official talks are also underway between Saudi Aramco and the Indian Ministry of Oil investment on several projects.
SABIC meanwhile announced plans to expand its investments in China and search for new opportunities that take advantage of national coal reserves in China to support to the petrochemical industry.
SABIC announced it would continue to invest in China despite the economic slowdown in the world's second-largest economy.
Aramco is also enhancing its success abroad through a $12 billion deal to establish a strong alliance and equal ownership in the German Lanxess company, the largest rubber, chemicals and intermediates production company in the world.
The company's products are used in the production of tires and auto parts, as well as marketing, sale and distribution across a number of other industries.
A new joint venture company was launched under the name Arlanxeo on April 1, 2016.
Aramco will provide materials at economical process through the butadiene plant expected to be operational in 2019, while the German partner will enhance competition and acquire new business in synthetic rubber production to boost annual revenues of about 8 billion euros.
The company will expand its investments and businesses, which include more than 20 production factories, four global research centers in 52 countries, and a workforce of about 16,000 employees.
RIYADH: Saudi Arabia's Vision 2030 has inspired major petrochemical and oil companies in the GCC, such as Saudi Aramco, SABIC and EQUATE, to expand investments outside the Arabian Gulf in order to boost competition and access new strategic markets, especially in Asia, and take advantage of less-expensive raw materials in those markets.
Saudi Aramco has begun to focus on Asia in an effort to realize its ambition to become a globally comprehensive and integrated leader in the energy and chemicals sector by 2020.
The company is currently planning to build a new refinery in India, and is considering the establishment of factories in Indonesia, China, Vietnam and Malaysia, as well as offers to buy stakes in projects for oil refining and petrochemicals in India, the second largest oil consumer in the world without about 80 percent of its crude coming mostly from Middle Eastern countries.
Official talks are also underway between Saudi Aramco and the Indian Ministry of Oil investment on several projects.
SABIC meanwhile announced plans to expand its investments in China and search for new opportunities that take advantage of national coal reserves in China to support to the petrochemical industry.
SABIC announced it would continue to invest in China despite the economic slowdown in the world's second-largest economy.
Aramco is also enhancing its success abroad through a $12 billion deal to establish a strong alliance and equal ownership in the German Lanxess company, the largest rubber, chemicals and intermediates production company in the world.
The company's products are used in the production of tires and auto parts, as well as marketing, sale and distribution across a number of other industries.
A new joint venture company was launched under the name Arlanxeo on April 1, 2016.
Aramco will provide materials at economical process through the butadiene plant expected to be operational in 2019, while the German partner will enhance competition and acquire new business in synthetic rubber production to boost annual revenues of about 8 billion euros.
The company will expand its investments and businesses, which include more than 20 production factories, four global research centers in 52 countries, and a workforce of about 16,000 employees.
© Arab News 2016
