Aramco set to expand global footprint in chemical industry: CEO

Aramco set to expand global footprint in chemical industry: CEO

With the $69 billion acquisition of Sabic, a global leader in the chemicals industry in June and investments in oil-to-chemicals technology, state oil giant Saudi Aramco has positioned itself for downstream growth, said Aramco President and CEO Amin Nasser. 

 

"Although we are seeing a number of companies announcing global refinery rationalisations or shutdowns - in Europe, the US and at some scale in Asia - we still see opportunities in certain geographies," stated Nasser.

 

"We expect more than half the world's new refining capacity that will come on stream in the next 8-10 years will be in Asia, and 70-80% of that will be focused mainly on plastics," he added.

 

Nasser was speaking at a the virtual industry event where he was awarded The Chemists' Club 2020 Kavaler Award, sponsored by ICIS in association with The Valence Group of Piper Sandler. 

 

It is awarded each year to a senior executive recognised for outstanding achievement, as voted on by his/her peers in the ICIS Top 40 Power Players: a global ranking of the leaders making the greatest positive impact on their companies and the chemical industry.

 

During his address, he commented on the challenges of 2020, his belief in a bright future for the chemical and