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.