Strategic business relationships around the world mean more opportunities for growth and diversification. The journey from raw materials to refined products and chemicals requires major investments in strategic partnerships, infrastructure, technology and people.
We are partnering with leading companies from around the world to strengthen our downstream integration and achieve greater sustainable competitive advantage from exploration, production and marketing.
By pursuing global ventures and partners, we are also creating new jobs and more business for service and materials suppliers in our local in-Kingdom supply chains.
Pursuing partnerships for mutual development
We partner with leading companies around the world in a variety of sectors to contribute to economic growth in the country and to expand opportunities for local businesses in Saudi Arabia.
Below are just some of our key partners, ventures and affiliates:
Saudi Aramco Products Trading Company
Saudi Aramco Products Trading Company (ATC), our wholly owned subsidiary for trading petroleum products, traded an average of more than 1.1 million barrels per day (bpd) of refined petroleum products and 3.7 thousand tons per day of chemical products in 2015. The ATC has expanded its market presence by reaching out directly to third parties for product sales and purchases, optimizing operations of the storage and blending facility, introducing chemical products sales and marketing, and increasing chartering activities in response to growing trade volumes.
Sadara Chemical Co., our joint venture with The Dow Chemical Company, is the largest integrated chemicals plant ever built in a single phase. It has been hailed a ‘game changer’ in the regional chemical industry.
Strategically located in Jubail Industrial City, Sadara and its integrated PlasChem value park will become a hub for chemical conversion plants, manufacturers, and associated service industries, potentially generating thousands of direct and indirect jobs for Saudis. The Sadara complex on its own will employ more than 4,000 people when the plant is fully operational.
The venture marks a number of milestones for the Kingdom and the industry: the first polyurethane plant and 14 new technologies in Saudi Arabia, the largest foreign direct investment in the Saudi petrochemical sector and the largest Islamic bond (sukuk) issuance in the Saudi capital market.
The Saudi Aramco Total Refining and Petrochemicals Company (SATORP) in Jubail, is our joint venture with France’s Total. Roughly 80% of the refinery’s construction activities have been executed by domestic subcontractors and the company has an overall Saudization rate of nearly 65%.
Recently, we began exploring the development of a world-class chemicals complex and associated value park to be integrated with SATORP and other existing sites in Jubail, further amplifying the economic benefits made possible by our downstream investments.
Fujian Refining & Petrochemical Company (FREP), is our joint venture with ExxonMobil, China Petroleum and Petrochemical Company Limited (Sinopec) and the Fujian provincial government. FREP is a key element in our Asia chemicals strategy and is long recognized for its outstanding environmental performance by the local community and government.
In China, our crude oil exports account for nearly 10% of the country’s demand. Our portfolio of downstream assets in China is designed to benefit energy and feedstock consumers and maximize returns on the Kingdom’s hydrocarbon resources.
Our investment in South Korea’s S-OIL, one of the country’s leading refiners, complements our downstream ventures in China and Japan and creates new opportunities along the value chain in the major energy markets in Asia.
As the single largest supplier of crude oil to South Korea, we are committed to long-term relationships with our customers there. We also have developed mutually beneficial partnerships with other leading Korean companies in areas such as engineering, construction and energy research.