Dammam, Saudi Arabia
Aramco windfall trickles downstream
Refining, petchems and distribution businesses are feeling the investment impact of sustained oil market strength
The multibillion-dollar Amiral petrochemicals complex planned by state-owned Saudi Aramco and TotalEnergies on the Kingdom’s east coast received pitches for the main construction packages in early October, almost exactly four years after the venture was first announced. Belated movement on the flagship scheme is symptomatic of the galvanising impact a sustained oil market bull run has had on Aramco’s investment activities. When Aramco CEO Amin Nasser presented investors with the firm’s long-term growth priorities, alongside a $48.4bn second-quarter net profit, third on the list—after increasing oil and gas production—was a reaffirmed intent to convert up to 4mn bl/d of liquids to chemicals.
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
