Saudi Aramco is best known as the world’s largest crude oil producer, with output capacity of 12mn b/d. But the firm also has a substantial downstream sector with assets across the world, and it sees this as a core offering in its bid to retain primacy amid the energy transition.

Growing demand for petrochemicals is widely seen as being the primary driver of global oil demand growth in the coming years, especially as more countries push towards net-zero emissions goals. Cognizant of this, Aramco has long sought to expand in petrochemicals, and in 2020 purchased a 70% stake in Saudi petchems giant Sabic (MEES, 19 June 2020). (CONTINUED - 1068 WORDS)