Bigger boss: Amin Nasser will soon preside over a vast petchems branch of the state energy giant
Saudi Aramco set to spread its wings
The firm’s industrial slate will be broadened and its global reach extended when the Sabic deal is complete
Saudi Aramco's acquisition of a 70pc stake in Sabic, the kingdom's giant petrochemicals group, for $69bn has industrial logic in that it gives the upstream purchaser a massive downstream hedge against oil price volatility. But no less interesting is what Saudi Arabia's Public Investment Fund (PIF), the seller and current holder of that 70pc share, intends to do with the money. Officially, the line is that it gives the PIF, headed by crown prince Mohammad bin Salman (MbS), funds to diversify the Saudi economy to make it less dependent on oil in line with his much-touted Vision 2030. That means two things. First, focusing domestically on sectors such as tourism, entertainment and the developme
Also in this section
3 April 2025
Gas use in India has seen significant growth over the past year and looks set to accelerate further, even if the government’s 2030 goal remains a stretch
3 April 2025
IOCs and Western lenders are reluctant to commit to new oil and gas projects in African frontier countries
2 April 2025
The often-hidden yet powerful hand maintains supply chain linkages and global flows amid disruptions
2 April 2025
At some point it is likely that $70/bl will be quietly accepted as the producer-consumer sweet spot for a US administration having to balance both sides of the ledger
