RIYADH, 15 February 2006 — Saudi Arabia plans to double its oil refining capacity to six million barrels per day (bpd) within five years, Minister of Petroleum and Mineral Resources Ali Al-Naimi said yesterday.
Saudi Arabia's "main goal is the stability of world oil markets. It is currently working on huge oil projects, including raising crude oil production capacity and doubling the capacity of oil refineries to six million bpd within the next five years," the state SPA news agency quoted him as saying.
Naimi made his remarks during a meeting with visiting Dutch Foreign Minister Bernard Bot.
Riyadh's objective is to "meet the world's increasing demand for oil," Naimi said. Nawaf Obaid, managing director of Saudi National Security Assessment Project, a government consultancy, told an oil conference in September the Kingdom has earmarked $20 billion for the upgrade project.
The program would boost the capacity of eight refineries Riyadh owns inside and outside Saudi Arabia within the next five years, besides building new refineries locally and abroad, he said.
The Saudi and Dutch ministers discussed the importance of ensuring secure oil supplies and cooperation between their two countries in oil matters, including joint investments, SPA said.
Saudi Arabia currently has a refining capacity of around three million bpd through facilities both at home and overseas, of which around two million bpd are produced in the Kingdom.