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
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
