Saudi Minister of Energy and Mineral Resources Khaled al-Falih said Wednesday that the Kingdom exports about one million barrels of oil derivatives per day.
He said it also exports about seven to eight million barrels of crude oil per day and quantities of liquefied gas.
Falih confirmed that Saudi Aramco’s initial public offering (IPO) is expected to take place within two years, stressing that all Saudi Aramco refineries and companies will be publicly offered too.
Saudi Arabia has the best attractive environment for foreign investment.
“The equal treatment of all investors is what made the Saudi investment environment the best.”
Falih made his press remarks in headquarters of Saudi Aramco Total Refining and Petrochemical Company(SATORP).
He noted that the industry will see more investments in the near future, pointing out that the manufacturing industries in Sadara Chemical Company and SATORP will be stimulated and used to expand production into value-added industries.
The Saudi Minister added that 60 percent of car parts would be manufactured in Saudi Arabia, adding that the ministry was working to promote value-added chains.
Falih pointed out that the Kingdom is working on building a copper and insulation plant, which would qualify it to enter the electric car industry.
Saudi Aramco owns 65 percent of SATORP while Total owns 35 percent. It handles 460,000 barrels of heavy oil.
Notably, its Diesel refinery production amounts to 55 percent, gasoline 19 percent, petroleum coal five percent, petrochemicals 10 percent, in addition to 11 percent of other products.
