Saudi Arabia wants to buy more US refineries
Saudi Arabia is one of the most controversial, but richest countries on the planet. The country developed quickly immediately after discovering oil. Now they are providing fuel for many countries. The producers in Saudi Arabia also want to expand their business by buying more US refineries.
Why now? Well, the national oil company of Saudia Arabia, Saudi Amraco, is about to end their 20 year-old relation with Shell Oil. They were always on different sides of the table according to some officials, and no one seems unsatisfied that this relationship is about to end.
Amraco announced that the company is planning to buy more refineries in the US, and some of them released this information to other sources. They asked for confidentiality and they also said that the company did not mention if they had a certain refinery in mind or if they intend to start the searching process now.
Either way, this might be a great way to save the economy of Saudi Arabia from collapsing. Even though the country has plenty of reserves, in the last months the price of oil dropped so dramatically that the officials of the country started to be worried. In order to keep the economy in a good state they will have to make some new investments, and to try to access parts of the market that they had not considered before.
The third largest customer of Saudi Arabia is the United States, so there is no wonder that they chose this country to expand their business. The question is will Saudi Arabia be successful or will they have to search for other ways to increase their profits?