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05 March 2024

Aramco has no plans for more exits

By Agencies

Saudi Aramco has no plans to exit more overseas refining ventures following the sale of its stake in the Philippines' top refiner Petron Corp last week, a spokesman for Aramco's overseas unit said on Monday.


"There are no plans to sell any of our interests in other refining ventures," the Aramco Overseas Company spokesman said in a statement.


Aramco remains focused on a $50 billion (Dh184bn) upstream and downstream expansion programme at home and on international markets with the potential for substantial future demand growth for refined products, the spokesman said.


The London-based Ashmore Group approached Aramco to buy the $550 million stake in Petron, he said. (Reuters)