Saudi Aramco pins its hopes on petchems

The NOC heavyweight wants to the biggest of beasts in the petrochemicals world too

Aramco’s ambition is “to be the world’s preeminent integrated energy and chemicals company”, the Saudi state-owned oil firm said in mid-July. Its completion of a $69.1bn takeover of petchems-focussed counterpart Sabic in June was a huge step towards realising that goal. It can now boast of being the fourth-largest chemicals firm in the world, as well as its premier oil company. And while internal governmental financial calculations were a motivator in transferring a chunk of Aramco cash to Sabic’s former owner, the rapidly expanding Public Investment Fund, Saudi’s de facto ruler Crown Prince Mohammed bin Salman has also seen a strategic fit in putting the two firms together since taking the