Saudi Aramco is aiming to nearly triple its chemical output over the next decade and a half.
Saudi Aramco business line head for downstream Abdulaziz al-Judaimi told Reuters that his firm will nearly triple its chemical production to 34 million metric tons per year by 2030.
That level would be nearly three times higher than the state-owned company’s current capacity of 12 million metric tons per year.
Al-Judaimi told Reuters that Saudi Aramco also expects to nearly double its global oil refining capacity over the same period.
The company currently has a global refining capacity of over 5 million barrels per day and aims to boost that capacity to between 8 to 10 million bpd by 2030.
In a speech given at the Gulf Petrochemicals and Chemicals Association (GPCA), al-Judaimi said that expanding his firm’s petrochemical business is the “only way to sustain competitiveness and growth.”
Al-Judaimi added that nine of Saudi Aramco’s 15 refineries will produce chemicals in 2017, with conversion rates of up to 20 percent of the total crude processed.
The petrochemical boost is part of the Saudi Vision 2030 plan that seeks to diversify the kingdom’s economy and curb its reliance on oil revenue.
Saudi Aramco vice president for procurement and supply chain management Abdulaziz al-Abdulkarim said in September that the company plans to invest about $334 billion by 2025 as part of the the In-Kingdom Total Value Add plan.
The the funds will be spent on material and services to support service facilities, infrastructure projects, drilling projects and the exploration and development of unconventional resources among other projects.