Unlocking the greater potential value inherent in our hydrocarbon resources lies at the heart of our chemicals strategy. Since entering the chemicals business in 1998, we have sought to maximize the value of every hydrocarbon molecule we produce and have created a diversified portfolio of non-oil revenue streams for the company.
As today’s fastest growing crude oil demand sector, chemicals presents considerable opportunities for future growth and long-term value creation. Our chemicals business currently spans the production of basic chemicals such as aromatics, olefins, and polyolefins to more complex products such as polyols and advanced synthetic rubber. Our chemicals products are found in the many of the items we use every day and serve the needs of industries such as packaging, automotive, footwear and appliances.
Our global refining network and petrochemicals portfolio secures dedicated outlets for our crude oil in strategic growth markets, enabling us to control and optimize costs across our supply chain, and supporting resilience, especially in times of crude oil price volatility. Our global network includes joint ventures with global industry leaders, including DowDuPont (Sadara), ExxonMobil (SAMREF), Sinopec (Yasref), Sumitomo (PetroRabigh), and Total (SATORP).
Following our 70% stake in SABIC, Aramco intention is to transfer the marketing and sales responsibility for a number of Aramco petrochemicals and polymers products to SABIC, and the offtake and resale responsibility of a number of SABIC products to Aramco Trading Company (ATC). Together, Aramco Trading Company and SABIC are focused on providing a world-class products and services offering. These changes will place us in an even stronger position to deliver market-leading innovation and value.
Together with SABIC, we are pursuing selective integration synergies in procurement, supply chain, manufacturing, marketing and sales to drive efficiency and growth, meet customer needs, and create further value for our shareholders.
Through the development of innovative technologies, capacity expansions in the Kingdom, and new investments overseas, we are continuing to invest in the growth of our chemicals business. Capital upgrades are underway to further integrate our refineries with petrochemical operations, which would support the production of more complex, higher-value chemicals and specialty products.
Crude Oil to Chemicals
Chemicals is the fastest growing crude oil demand sector. It is also the fastest growing segment of our business. So we’re working hard to develop new, more efficient ways to convert crude oil into chemicals.