Saudi Aramco has canceled plans to build a refinery and chemicals project in Saudi Arabia and is reviewing three others as it evaluates spending plans with a focus on expanding in Asia.
Aramco and its unit Sabic will not go ahead with the planned 400,000 barrel-a-day facility at 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.
The cancellation is a sign Aramco is recalibrating its spending on chemicals to Asia, where it’s pursuing a series of deals in China that would also guarantee long-term demand for Saudi crude.
