Oil-Price Slide Won’t Deter Saudi Aramco From Expansion Strategy
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Saudi Arabian Oil Co. will push ahead with plans to expand and integrate its refining and chemicals businesses even amid the decline in oil prices, Chief Executive Officer Khalid Al-Falih said.
The state-run oil company, known as Saudi Aramco, has a target of producing petrochemicals from 10 percent of all crude processed at its refineries, he said at an industry conference in Dubai. Oil producers in the Persian Gulf can withstand a period of low crude prices because countries in the region are fiscally strong, Al-Falih said. Brent crude, a global benchmark, has tumbled 30 percent this year.