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Bloomberg
Saudi Aramco will seek more acquisitions to speed its expansion in refining and petrochemicals as Saudi Arabia pushes ahead with plans to diversify its economy from reliance on sales of crude.
The purchases will be in addition to Aramco’s planned purchase of government-controlled chemicals producer Saudi Basic Industries Corp, Aramco Chief Executive Officer Amin Nasser said on Tuesday in a speech in Dubai. The deal to buy the chemicals producer, known as Sabic, from the Saudi sovereign wealth fund could be valued at about $70 billion.
“Saudi Aramco will make the most of those prospects with global investments in the chemicals space of roughly $100 billion over the next 10 years — in addition to prospective acquisitions,†Nasser said.
Aramco, the world’s biggest oil exporter, plays a key role in Saudi efforts to develop new industries and sources of income. Crown Prince Mohammed bin Salman is championing a plan to diversify the economy and create jobs. The Sabic deal
will help fund that project by shifting funds from Aramco to the wealth fund.