13 November 2012 10:39 [Source: ICIS news]
BERLIN (ICIS)--Saudi Aramco, the national oil and natural gas company of the ?xml:namespace>
Speaking at the 11th European Aromatics & Derivatives Conference, Ted Randall said the key drivers behind this were motive, opportunity and means.
While 30% of global oil supply comes from the
Randall explained that with a mandate to improve the purity of gasoline via BTX (benzene, toluene, xylene) extraction, this provides Saudi Aramco with the motive to delve into the market.
The company will primarily be focused on paraxylene (PX), Randall said, citing growth rates of 2m tonnes per annum, largely from
Similarly, the company sees opportunity in the global benzene market, which is currently struggling with structural tightness, and expects to have a capacity of 1m tonnes by 2018.
Randall said that it was more economical to export benzene from the east coast of
The means for this ramped up aromatics output comes from strategic location and feedstock reliability, Randall explained. Currently, Saudi Aramco produces 3.3bn barrels of crude oil each year, and CEO Khalid Al-Falih has announced intentions to grow the company’s refining capacity to 8m bbl/day, almost doubling current output levels.
The 11th European Aromatics & Derivatives Conference, organised by ICIS and International eChem, is taking place in
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