Aramco eyes business expansion, acquisitions in China and India

Mohammed Al Qahtani, Downstream President, Saudi Aramco

The big growth markets for Saudi Aramco are China, India and southeast Asia, Bloomberg reported, citing Mohammed Al Qahtani, Downstream President at Saudi Aramco.

The world’s largest oil producer is seeking refining and chemicals deals in Asia as it looks to expand its projects and seeks new acquisitions.

Talks in China are proceeding faster than in India, Al Qahtani added, noting that Aramco is in talks with partners and customers for investments. India’s Reliance Industries is “a big customer for us” that Aramco would “love to partner with, so we’ll see,” Al Qahtani added.

Aramco seeks to expand its liquids to chemicals capacity to up to four million barrels soon, even before the next ten years.

Eying more deals will help achieve this target. Saudi Aramco will make more deals, Al Qahtani added, noting that downstream investments are very crucial for the company’s growth, as they will be a top contributor to profit.