Aramco executives expect that last year’s acquisition of Saudi petrochemicals giant Sabic could generate synergies worth $3-4bn annually for the two firms. Speaking on the 22 March earnings call to mark his firm’s 2020 results (MEES, 26 March), CEO Amin Nasser said that “the largest acquisition in our history” will transform the firm into a major global petrochemicals player.
With petrochemicals widely seen as the key driver of oil demand growth in the years to come, expansion into the sector is essential for Aramco. The acquisition more than doubled Aramco’s net chemicals production capacity from 21.7mn t/y to 53.1mn t/y. (CONTINUED - 888 WORDS)