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
Also in this section
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
16 February 2026
As the third wave of global LNG arrives, Wood Mackenzie’s director for Europe gas and LNG, Tom Marzec-Manser, discusses with Petroleum Economist the outlook for Europe’s gas market in 2026
