Saudi Aramco has canceled plans to build a refinery and chemical project in Saudi Arabia and is assessing three others as it evaluates spending plans with a focus on expansion in Asia.
Aramco and its Sabic unit will not proceed with the planned 400,000 barrels per day plant in Ras Al Khair on Saudi Arabia’s Gulf Coast, and a proposal to move the project to Jubail has also been shelved, according to people with knowledge of the situation . situation.
The cancellation is a sign that Aramco is recalibrating its spending on chemicals to Asia, where it is pursuing a series of deals in China that would also guarantee long-term demand for Saudi crude.
