RIYADH: Saudi Aramco is keen to expand its refining sector, trading operations and development of LNG projects with Russian companies, the company’s CEO Amin al-Nasser said Thursday during Saudi King Salman’s landmark visit to Moscow.
Saudi Arabia and Russia signed 14 agreements for cooperation on various spheres, including a memorandum of understanding between Saudi Aramco and Russian major petrochemical company Sibur to establish a joint venture in the kingdom, another agreement with Gazprom Neft to explore research cooperation, and a deal to set up a $1 billion energy investment fund. Saudi Aramco’s current refining capacity is 5 million b/d, which it plans to boost to 8 million to 10 million b/d, integrated with petrochemicals, Nasser said. “It will involve a lot of work in Saudi Arabia and internationally. Russian companies can play a big role in terms of participation in these investments,” Nasser said.
