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Saudi king's Asia tour signals Aramco's move downstream

Trip also seen as being part of a state policy to diversify the economy beyond crude exports, as Opec loses its grip

Published Mon, Mar 20, 2017 · 09:50 PM

Singapore

SAUDI King Salman's lavish tour of Asia, arriving in each country on a golden escalator with 400 tonnes of luggage, had a hard-nosed marketing mission - to cement the kingdom's place as leading oil supplier to the world's biggest consumer region.

The string of deals inked on his three-week tour to Malaysia, Indonesia, Japan and China also point to a fresh strategy, one to increase Saudi leverage over refined product and petrochemical markets, known as the downstream sector.

"Our strategy is about growth in the downstream," Amin Nasser, chief executive offic…