According to Saudi Aramco’s president Amin H. Nasser, the company shall invest more than USD100bn in petrochemicals in the coming decade to make its business prominent as its upstream operations.
The statement came from a speech from the 13th annual Gulf Petrochemicals and Chemicals Association (GPCA) Forum in Dubai in United Arab Emirates.
The 3- day event hosted more than 2,000 people that came from about 600 companies in 50 countries.
The CEO informed that the company’s objective was to bring its downstream business to the same level as their upstream business since the company expanded in areas such as refining, marketing and lubes.
Chemical is the most promising element of Saudi Aramco’s downstream strategy and that chemicals would represent about one-third of the world’s demand of oil growth between 2023 and 2030 and close to 2050, according to the CEO, Mr. Nasser.
As per a company statement, Petrochemicals is likely to add close to 7mn barrels per day or bpd of demand of oil by 2050, thereby reaching a total of some 20mn bpd.
The company shall make the most of such prospects with investments in chemicals of more than USD100bn in the coming ten years and not including a prospective acquisition in it, as per the CEO.
The company’s downstream business ventures will give a reliable destination for the future oil production of Saudi Aramco and expand both its business portfolio and the Saudi economy. The company’s downstream strategy intends to expand its base of resources by focusing on a rise in horizontal and vertical integration across the value chain of hydrocarbon, as per a statement.
The company is in talks for a share majorly in Saudi Arabia-based SABIC with a target to create one of the strongest integrated chemical and energy company. More so, Saudi Aramco is a wholly integrated, global petroleum and chemical company and a major manufacturer of crude oil and condensate.
