Aramco’s ties to the West, particularly America, run deep. Yet the relationship is changing
eyes Saudi Aramco inspires either awe or disdain. Financiers are in the first camp. They gobbled up the state-owned behemoth’s first-ever global bonds last week, gasped at its $111bn annual profit and, for all their professed concern about climate change, gushed over how cheaply it can pump oil for decades to come. The second group, which includes some American congressmen and chattering classes, liken Aramco’s accomplishments to sticking a straw in the ground and sucking.
Western rivals view Aramco differently. These days they think less about its oil, and more about its shift into natural gas, refined products, chemicals and plastics. As they see it, Aramco is no potentate’s piggy bank. It is an increasingly formidable competitor—especially in Asia, where much of the future demand for petroleum products will come from.Aramco’s ties to the West, particularly America, run deep. It is named after the Arabian-American Oil Company.
Yet the relationship is changing. America produces more of its own oil. As recently as April 2014 Aramco provided more than a fifth of America’s crude imports. In January the share was less than a tenth. A big reason behind the kingdom’s decision to postpone an initial public offering of Aramco were potential legal snags it faced if it listed in New York. The killing of Khashoggi, who lived in America and wrote for the, has strained relations with the West.
The aim of Aramco’s Asian pivot is not merely to sell more oil. Even as fuel efficiency and electric vehicles crimp global demand for petrol, China, India and South-East Asia will still consume plenty of fuel to run lorries, ships and passenger jets. Aramco predicts that consumption of chemicals made from oil will increase even faster in Asia than demand for refined products.
It is already throwing petrodollar promises around like confetti. Last year it spent $8.7bn downstream, including on a giant refinery and petrochemical complex in Johor, Malaysia, adjacent to Singapore. In February it struck a $10bn deal with a Chinese defence contractor, Norinco, to develop a similar complex in the northeastern Chinese city of Panjin. Last year it announced a $44bn joint venture with, its Abu Dhabi peer, to build an even larger complex on the west coast of India.
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