U.S. Markets closed

Saudi Aramco says looking at new ventures around globe

Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city in this file photo dated November 11, 2007. REUTERS/ Ali Jarekji/File Photo

DHAHRAN, Saudi Arabia (Reuters) - State oil company Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser said on Tuesday.

"We are looking at the current market status that, even though challenging, is an excellent opportunity for growth," he told reporters during a rare media visit to company facilities in Dhahran.

The company is continuing to build its oil production and refining capacity, and its Shaybah oilfield is expected to reach output capacity of 1 million barrels per day "in a couple of weeks", Nasser added.

Aramco has been working to boost Shaybah's capacity by 250,000 bpd to rebalance its crude oil quality and help compensate for the maturing of other fields.


(Reporting by Rania El Gamal; Writing by Andrew Torchia)