Aramco CEO Expects Energy Use to Double, Led by China

(Bloomberg) — Saudi Arabian Oil Co., the world

Saudi Aramco, as the Dhahran-based company is known, has begun to expand and upgrade its oil and gas production and refining businesses at a cost of $100 billion to tap rising demand in Asia, Saudi Oil Minister Ali al-Naimi said in November. China and Saudi Arabia aim to boost trade 50 percent to $60 billion by 2015, the state-owned Saudi Press Agency reported this month, citing Chinese Trade Minister Chen Deming.

Aramco is investing in refining capacity even given the current poor returns, al-Falih said today. Refiners across the world have been forced to postpone expansion projects and idle plants over the past year as the global recession eroded fuel demand, squeezing profit margins for oil processors.

Bloomberg