Saudi Arabia spends billions to get Asia hooked on its crude oil

With crude prices down by over a half in the past two years, the Saudis and other oil-rich countries are fighting to lock in customers.

Asia, which now accounts for 70% of Saudi oil exports, is the primary battleground. For Saudi Aramco, it means purchasing stakes in refineries, with contracts guaranteeing most of the oil will come from Saudi.

Aramco has invested in three processing facilities in Asia. As Iran prepares to boost its own exports, the Saudis are on the cusp of a dramatic increase in its commitment to the region, eyeing billions of dollars of projects in countries from Indonesia to Vietnam.