(Updates with integration strategy in third paragraph.)
Oct. 24 (Bloomberg) -- Saudi Arabian Oil Co. aims to increase total refining capacity to 3.46 million barrels a day in 2016 from the current 2.26 million barrels a day, the vice president for refining and natural gas liquids fractionation said.
The company, known as Saudi Aramco, aims to integrate 90 percent of its refineries with petrochemical plants, Mohammed al-Omair said today at a conference in Manama, Bahrain. Saudi Aramco’s Red Sea refinery will come on line in 2014 and the Jazan refinery in 2016, he said.
Saudi Aramco, the world’s largest crude oil exporter, is seeking to integrate refining and petrochemical projects outside Saudi Arabia to try to produce more profitable goods. Aramco may add petrochemical units in countries such as Indonesia and Vietnam where it’s already in talks on refinery projects, Michael Hurst, director of the chemicals business, said Oct. 17 at a conference in Abu Dhabi.
--Editors: Bruce Stanley, Chris Peterson
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