Unlocking the greater potential value inherent in our hydrocarbon resources lies at the heart of our chemicals strategy. Since entering the chemicals business in 1998, we have sought to maximize the value of every hydrocarbon molecule we produce and have created a diversified portfolio of non-oil revenue streams for the company.
As today’s fastest growing crude oil demand sector, chemicals presents considerable opportunities for future growth and long-term value creation. Our chemicals business currently spans the production of basic chemicals such as aromatics, olefins, and polyolefins to more complex products such as polyols and advanced synthetic rubber. Our chemicals products are found in the many of the items we use every day and serve the needs of industries such as packaging, automotive, footwear and appliances.
By combining chemicals production with our domestic and international refineries, we are in the process of creating a globally integrated refining and petrochemical network that creates resilience in times of crude oil price volatility, secures dedicated outlets for our crude oil in strategic growth markets, and allows us to control and optimize costs across the entire supply chain from the well-head to customers. It includes joint ventures with some of the industry’s leading companies, including DowDuPont, ExxonMobil, Lanxess, Shell, Sinopec, Sumitomo and Total. In addition, we supply all the feedstock required by our domestic chemicals facilities.
Through the development of innovative technologies, capacity expansions in the Kingdom, and new investments overseas, we are continuing to invest in the growth of our chemicals business. Capital upgrades are underway to further integrate our refineries with petrochemical operations, which would support the production of more complex, higher-value chemicals and specialty products.