Page 9 - DMEA Week 21 2022

DMEA REFINING DMEA

Saudi refining utilisation surpasses 90%

MIDDLE EAST OUTPUT across Saudi Arabia’s nine refineries owned by majority state-owned Saudi Aramco.
increased by 16.6% year on year during March, The company has wholly owned domestic units
largely driven by a significant increase in the pro- at Ras Tanura (550,000 bpd), Riyadh (130,000
duction of diesel. With processing throughput bpd), Jubail (SASREF, 305,000 bpd) and Yanbu’
hitting 2.83mn barrels per day, utilisation was (250,000 bpd), while another 400,000 bpd facility
just under 91%, up 2.8% against the 2.77mn bpd at Jazan is still running at about 50% as the long-
figure in February. awaited project continues to be commissioned.
According to the Joint Organisations Data Meanwhile, Aramco holds a 37.5% stake in
Initiative (JODI), output in March, the latest PetroRabigh (400,000 bpd) alongside Japan’s
month for which data is available, was 403,000 Sumitomo Chemical; a 50% stake in SAMREF
bpd up compared to the same month in 2021. with ExxonMobil; 62.5% in the 460,000 bpd
JODI showed that diesel output marked a SATORP joint venture with TotalEnergies; and
5.7% increase following declines in both Feb- the same share alongside Sinopec in the YASREF
ruary and January, while the March figure was plant with a capacity of 430,000 bpd.
up 13.9% y/y. Meanwhile, gasoline output was The company has also built up a formidable
the second-largest on the product slate, with global refining footprint through shareholdings
production rising 2.5% y/y. Fuel oil took third in China’s Fujian Refining & Petrochemical
place despite output falling by 4.6% compared to Co. (FREP), Japan’s Idemitsu and Showa Shell,
February, with similar fluctuations experienced Malaysia’s PRefChem, South Korea’s Hyundai
throughout the past six months. Oilbank and S-Oil as well as Motiva in the US.
There were small increases in the contribu- This gives the company a net overseas refining
tions of kerosene and LPG, while naphtha’s share shareholding in excess of 1.5mn bpd before add-
of the total dropped by 3.7%. ing the 63,000 bpd (net) it recently acquired in
Saudi Arabia has a total refining throughput Poland’s Gdansk refinery and the 105,000 bpd of
capacity of 3.1mn bpd, around 75% of which is the planned Panjin unit in China.™

Refinery Gross Capacity (kbpd) Equity Net Capacity (kbpd)
Jazan* 200 100.0% 200
Ras Tanura 550 100.0% 550
Riyadh 130 100.0% 130
SASREF 305 100.0% 305
Yanbu' 250 100.0% 250
Domestic Wholly-Owned 1,435 1,435
PetroRabigh 400 37.5% 150
SAMREF 400 50.0% 200
SATORP 460 62.5% 287.5
YASREF 430 62.5% 268.75
Domestic JVs 1,690 906.25
Fujian (FREP) 280 25.0% 70
Hyundai Oilbank 650 17.0% 110.5
Idemitsu 945 7.7% 72.765
Showa Shell 445 14.9% 66.305
Motiva 635 100.0% 635
PRefChem† 300 50.0% 150
S-Oil 669 61.6% 412.104
Panjin† 300 35.0% 105
Lotos Asfalt † 210 30.0% 63
MRPL † 300 N/A N/A
Duqm† 230 N/A N/A
International JVs 4,964 1,684.67
Total 8,089 4,025.92
Source: IGM Energy
* Not yet operating at full capacity (400kbpd)
† Subject to comple�on of commercial arrangements or construc�on

Week 21 26•May•2022 www. NEWSBASE .com P9