Remarks by Amin H. Nasser, president & CEO, Saudi Aramco
The Custodian of the Two Holy Mosques, King Salman ibn Abdulaziz Al-Saud,
His Excellency Dato’ Sri Najib Tun Abdul Razak,
Your Highnesses, Excellencies and distinguished guests,
It is truly an honor to be here in Malaysia for this important signing ceremony with Petronas, Malaysia’s leading oil company.
This agreement establishes a joint venture for a giant refining and chemicals complex in South Johor, under the kind auspices of the Custodian of the Two Holy Mosques and His Excellency the Prime Minister of Malaysia.
It is the fruit of about three years of continuous labor with Petronas, a company we see as an ideal partner globally, which is well-known for high standards and efficiency and for the professionalism of its employees and management.
For us in Saudi Aramco, the agreement we are signing today is an integral and vital part of our refining and fuels marketing strategy, and chemicals business strategy.
The project will be 50% owned by Saudi Aramco, and we will supply the refinery with at least half of its 300 thousand barrels per day refining capacity, representing a significant portion of future trade between the Kingdom and Malaysia.
It will help to grow our global refining capacity from more than 5 million barrels per day currently to 8-10 by 2030. Similarly, it will help to grow our share of chemicals production capacity, across our global operations, from 12 million metric tons per year currently to 34 over the same period. In addition, from an engineering and industrial perspective, the project will help to meet Asia’s rising energy needs. It is a major milestone on so many levels, it not only benefits our companies, but our two great nations, the region, and the whole world.