The chemicals industry is the third pillar of Saudi Arabia’s industrialisation strategy
Oil’s finest hour still to come
Chemicals represent both an economic and environmental boon in the energy transition, according to Saudi Arabia’s Sabic and PIF
Saudi Aramco’s SAR259.1bn ($69.1bn) deal, completed in June 2020, to acquire a 70pc share of Saudi chemicals heavyweight Sabic from state investment vehicle the Public Investment Fund (PIF) was one of the biggest corporate transactions globally last year. For the buyer, it offered greater exposure to a key future demand for its core products. But what were the motivations for the seller and for the firm acquired? Petroleum Economist spoke to Yousef al-Benyan, vice-chairman, CEO and investment committee member at Sabic—as well as a chairman of the Gulf Petrochemicals and Chemicals Association and the Petrochemicals Manufacturers Committee—and Yazeed Alhumied, deputy governor of PIF and head o
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