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Aramco Signals Chemical Ambitions Beyond $70 Billion Sabic Deal

  • Saudi state-owned oil company ’to do more’ in petrochemicals
  • Aramco is betting on stronger demand for plastics than fuels
Operations At Peritus Plastics Injection Molding Facility Ahead Of Factory Orders Figures
Photographer: Daniel Acker/Bloomberg

Saudi Aramco’s chief executive officer said he has bigger ambitions in petrochemicals beyond the planned $70 billion acquisition of a strategic stake in local company Sabic, touting plastics as a key hedge against an electric-car driven slowdown in global oil demand growth.

"We still have to do more," Amin Nasser, chief executive officer of state-owned Aramco, said in an interview in Riyadh.