FINANCIAL NEWS

Saudi Arabia to refine more crude domestically

06 Mar 2012

(MENAFN) Saudi Oil Minister Ali Al Naimi said that his country plans to refine more crude into fuels and petrochemicals locally in the coming years, Bloomberg reported.

Al Naimi said that processing more crude in the kingdom will help diversify the income away from volatile prices.

Refining capacity is expected to increase to 3.46 million barrels per day by 2016 from 2.26 million barrels, according to a company presentation in October.

Saudi Arabia is boosting its refining capacity to meet rising domestic demand and increase exports of oil products that fetch higher prices than crude.

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