Petrochemical projects to drive Saudi oil, gas sector by 2025

Petrochemical projects to drive Saudi oil, gas sector by 2025

Petrochemical projects are expected to drive the commencement of upcoming projects across the oil and gas value chain in Saudi Arabia, accounting for 61 per cent of the total projects expected to start operations by 2025, according to GlobalData, a leading data and analytics company.Among these, new build projects dominate with 84%, while the rest are expansion projects, stated GlobalData in its report, Middle East Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects.The report reveals that petrochemical projects will be the highest with 50, followed by midstream with 18, refinery at eight, and upstream (fields) at six.GlobalData pointed out that among the upcoming petrochemical projects in the kingdom, the Saudi Aramco Total Refining and Petrochemical Company's Al Jubail Ethylene Plant is a major project with a capacity of 1.5 mtpa.The $1.6 billion plant provides feed stock to other petchem and speciality companies in the Jubail industrial city.Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, said: "Saudi Arabia's aggressive investments in the petrochemicals sector is part of its 2030 vision plan, where the country aims to reduce its dependence on the upstream sector and diversify into other