As Asia is driving almost all of the global oil demand growth today and is set to continue to do so in the coming decades, some of the world's biggest oil producers, those in the Middle East, are looking to expand their presence in the key demand growth market. Saudi oil giant Aramco and Abu Dhabi's ADNOC plan to expand their downstream businesses, especially in Asia, to lock in future demand for their crude in the petrochemicals sector.
6 million tons per year specialty state-of-the-art polyolefin complex in Fuzhou, China. The world's single largest crude oil exporter, Saudi Aramco, signed additional agreements with China's Rongsheng Petrochemical and Hengli Group in September to advance talks on cooperation in the refining and petrochemical sectors in China and Saudi Arabia. Aramco's agreement with Hengli Group advances talks about Aramco's potential acquisition of a 10% stake in Hengli Petrochemical Co., Ltd.