According to WorldOil Dubai on April 12, according to the bond prospectus of Saudi Arabia and Amy, the company currently supplies more than one third of its oil to its wholly-owned and joint-venture refineries. The company plans to double its refining network to 10 million barrels a day by 2030, thereby targeting a friendly Saudi oil buyer.
John Stewart, an analyst at Wood McKenzie, a consultancy, said Saudi Arabia's aim was to provide a reliable destination for its future oil production. The expansion will make it, to some extent, the world's largest refiner.
Saudi Arabia is relying on Saudi Amy's Treasury to build its sovereign wealth fund and help develop new industries that can break the country's dependence on oil. For its part, Saudi Arabia and the United States are trying to make more profits from crude oil by converting crude oil into gasoline, diesel, plastics and other materials for consumer goods. The company will invest $69 billion to acquire a majority stake in Saudi Basic Industries, a petrochemical producer.
The official name of Saudi Arabian Petroleum Corporation is Saudi Arabian Petroleum Corporation, which is likely to sell oil to external buyers even if it achieves its refining objectives. The company processes all kinds of crude oil from Saudi Arabia's oil fields. Although the company's overseas refineries are designed to use the company's crude oil, they are likely to rely on a mixture of Saudi Arabian and other suppliers.
Saudi Arabia has three refineries in Saudi Arabia and Motiva Enterprises LLC in the United States. By the end of this year, the company will start processing crude oil at new plants in Saudi Arabia and Malaysia, which will bring its total refining capacity to more than half of current oil production. WoodMac estimates that by 2030, half of Saudi Arabia's refinery capacity will be outside Saudi Arabia.