Page 5 - DMEA Week 11 2022

DMEA COMMENTARY DMEA

Refinery Gross Capacity (kbpd) Equity Net Capacity (kbpd)
Jazan* 400 100.0% 400
Ras Tanura 550 100.0% 550
Riyadh 130 100.0% 130
SASREF 305 100.0% 305
Yanbu' 250 100.0% 250
Domestic Wholly-Owned 1,635 1,635
PetroRabigh 400 37.5% 150
SAMREF 400 50.0% 200
SATORP 450 62.5% 281.25
YASREF 430 62.5% 268.75
Domestic JVs 1,680 900
Fujian (FREP) 280 63.4% 177.52
Hyundai Oilbank 650 17.0% 110.5
Idemitsu 945 25.0% 236.25
Motiva 635 7.7% 48.895
PRefChem* 300 50.0% 150
S-Oil 669 35.0% 234.15
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 4,519 1,125.32
Total 7,834 3,660.32
Source: Company publications, industry research

Jazan is one of Aramco’s five wholly owned Trading Co. (ATC) subsidiary with Germany’s Data source:
domestic refineries, the others being Riyadh, Klesch Group and Red Sea National Petrochem- IGM Energy
Ras Tanura (550,000 bpd), Saudi Aramco Jubail icals Co. (Red Sea) for a combined 210,000 bpd
Refinery (SASREF, 305,000 bpd) and Yanbu’ of crude to downstream facilities in Denmark
(250,000 bpd). and Egypt, while discussions are understood
It also has another 1.67mn bpd of refining to remain ongoing to supply crude feedstock
capacity across four JV facilities – the 400,000 to Oman’s new Duqm refinery which opens in
bpd PetroRabigh alongside Sumitomo Chemi- 2023.
cal with 37.5% and 25% public following a 2008 Elsewhere, work resumed in late 2021 to
public offering; the 400,000 bpd, 50:50 SAMREF complete the troubled 300,000 bpd Pengerang
JV with ExxonMobil; the 450,000 bpd SATORP Petrochemical Co. (PRefChem) facility in
facility at Jubail with TotalEnergies; and YASREF. Malaysia, where development has been slowed
Together, these provide Aramco with a by accidents since Aramco made a $7bn invest-
gross domestic refining capacity of 3.115mn ment in 2018 to acquire a 50% stake.
bpd (2.335mn bpd net), which will rise to And while November saw the apparent
3.315mn bpd (2.535mn bpd net) once Jazan is collapse of talks for the company to acquire a
commissioned. 20% stake in Indian firm Reliance’s spun-off
oil-to-chemicals (O2C) division and its 1.82mn
Overseas expansion bpd refining slate, Aramco signed preliminary
The Panjin agreement marks the company’s sec- deals for supplies and collaboration with fellow
ond overseas refining move this year, following Indian company Oil and Natural Gas Corpora-
a January deal with Poland’s Grupa Lotos which tion (ONGC) and its 300,000 bpd Mangalore
included a 30% stake in the 210,000 bpd Gdansk Refinery and Petrochemicals Ltd (MRPL).
refinery at a cost of $255mn as well as interests in While the Polish and Indian deals are yet to
fuel marketing and wholesale businesses. be formally approved, Aramco will perhaps offer
PKN also signed a deal for 200,000-337,000 some insight into their status when it provides its
bpd of crude from Aramco, meaning that Saudi 2021 full-year update next week.
crude could account for up to 45% of PKN’s total What is clear is that despite a notable break in
feedstock, with flows to be directed to refineries its expansion, Aramco remains committed to its
at Kralupy and Litvinov in the Czech Republic, long-held aim of increasing its gross global refin-
Mazeikiai in Lithuania, and Plock and Gdansk ing capacity to 8-10mn bpd and to relationships
in Poland. that will enable the addition of more dedicated
This was followed by deals from the Aramco crude outlets.™

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