Saudi Aramco is planning new investments in the petrochemicals sector, the company’s CEO, Amin Nasser, told Reuters.
These investments will be in addition to the $20 billion petrochemical plant that the company and Saudi Basic Industries Corporation (SABIC) signed a memorandum of understanding (MoU) for earlier this week.
“It’s a starting point, there will be others in the future as we develop our technologies to shift or turn more barrels of crude into chemicals,” Nasser said after the signing of the MoU.
Noting that the chemical market is “a very attractive market,” he said that petrochemical demand is projected to grow at a faster rate than demand for crude, according to Reuters.
In addition to its investments in the downstream sector, Nasser said earlier this month that Saudi Aramco is looking to spend around $300 billion in upstream investment.