Saudi Aramco is well known as the world’s top crude exporter. If all goes to plan, it may also become the biggest user of the fossil fuel.
More than a third of Aramco’s oil is currently fed into its fully-owned and joint venture refineries, according to its bond prospectus. The company plans to double its refining network to handle as much as 10 million barrels a day by 2030, locking in a friendly buyer for the kingdom’s crude.
Aramco’s “goal is to provide a reliable destination for its future oil production,” said John Stewart, an analyst at consultant Wood Mackenzie Ltd. The expansion “would make it the biggest refiner in the world by some margin.”
