Saudi Aramco’s 1 April bond prospectus has given analysts an unprecedented look into the firm’s operations (see p6). This includes the growing importance of downstream and the financial impact of government’s subsidized fuel prices.

The prospectus for the planned $10bn bond, intended to help fund Aramco’s $69.1bn purchase of sovereign wealth fund PIF’s 70% stake in Sabic (MEES, 29 March), says that as of end-2018 Aramco had a global net refining capacity of...