A flame from a Saudi Aramco oil installion known as "Pump 3" is seen in the desert near the oil-rich area of Khouris, 160 kms east of the Saudi capital Riyadh, on June 23, 2008. AFP PHOTO/MARWAN NAAMANI
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Saudi Arabia is spending generously now on Asian refiners to lock in its position as the region's biggest supplier of oil for decades to come.Daily consumption of 31.2 million barrels in Asia this year will take the region's demand above that in the Americas at 31.1 million barrels, according to the Paris-based International Energy Agency.The company has capacity to produce 12 million barrels of oil daily.The company also owns about 15 percent of Japan's Showa Shell Sekiyu KK.In Vietnam, a 400,000 barrel-a-day plant will be jointly constructed by Aramco and PTT Pcl in Binh Dinh province, according to the Thai company's 2014 annual report and the Dau Tu newspaper, which cited a project investment plan submitted to Vietnam's industrial ministry in September.Aramco's refining strategy isn't limited to Asia. The company owns half of Motiva Enterprises LLC, which operates three plants in Texas and Louisiana with total refining capacity of about 1.1 million barrels a day.The Saudis also have used their pricing strategy to fend off rivals in Asia.
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