Abdallah Al Saadan, senior vice president of Saudi Aramco Finance, Strategy & Development, gives a presentation during a CERAWeek session focused on developments within the global downstream sector.
About 2,500 energy leaders from about 60 countries gathered for discussions and presentations on the state of the industry at the CERAWeek
annual conference in Houston.
Abdallah I. Al Saadan, recently appointed senior vice president of Saudi Aramco Finance, Strategy and Development served as a key panelist and shared Saudi Aramco’s downstream plans.
Saudi Aramco is actively pursuing a growth-oriented downstream strategy — including chemicals and lubricants — that complements its upstream leadership position. The company sees appealing downstream prospects for large global companies that participate across the value chain.
Al Saadan explained that the value chain spans from exploration, production and supply to refining, marketing, chemicals, lubes and electric power. When integrated, various segments in the value chain reinforce each other, especially at times when market conditions become unpredictable.
The downstream sector will continue to strengthen as demand for refined products continues to rise but the industry will need to make significant investments in new refining capacity,” Al Saadan said. He anticipates a trend of shutting down smaller, less-efficient refineries and replacing them with newer, larger and more efficient ones.
During an audience question-and-answer session, Al Saadan elaborated on the company’s investment in refining operations in the United States through Motiva Enterprises
, which is equally owned by Saudi Refining Inc. and a Shell Oil Co. affiliate.
Al Saadan also touched on the company’s additional refining projects throughout the world, its efforts to help meet domestic energy needs primarily through its gas program and its commitment to attract and retain the world’s best talent to ensure the company’s future success.
Al Saadan participates in an audience question-and-answer session, where he further elaborated on Saudi Aramco’s commitment to make significant investments in downstream initiatives.
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