Amin Nasser, CEO of Saudi Aramco said the acquisition of a 70% stake in petrochemical producer SABIC, is ideal for the oil giant’s long-term strategy in the crude-to-chemicals operation. According to Nasser, SABIC is a global leading petrochemical company and acquiring it is in line with Aramco’s drive to be a leading energy and petrochemical company.
The acquisition will allow Aramco to integrate its strong upstream and refining segments with the petrochemical sector. Hence, the company can extract more value from every barrel of oil it produces. Nasser noted that the chemical industry would be the largest user of crude oil by 2040. He added that going forward, Aramco would also focus on climate change, reducing carbon footprints, and identifying new usage for oil.
