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Published 1 year ago

Saudi Arabia Sharpens Petrochemicals Focus

Summary by Ground News

Saudi Arabia plans to allocate more than a third of its current oil output to chemical production by 2030. The biggest crude exporter aims to convert 4 million barrels a day into higher-value products such as plastics and fertilizers. It will require huge investment in its petrochemicals facilities. The kingdom also wants to ensure there is demand for oil even if crude-buying nations reduce consumption.

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Saudi Arabia Sharpens Petrochemicals Focus

Eventually, Saudi Arabia wants to sell all of its crude output as oil products or petrochemicals.

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