Aramco pledges $100 billion in chemical investment

The Saudi national oil company Saudi Aramco plans to invest $100 billion in chemicals, not including acquisitions, over the next decade, according to CEO Amin H. Nasser, who spoke at the Gulf Petrochemicals and Chemicals Association Forum in Dubai last week. He told the audience that he believes the future of the oil industry lies in chemicals. “Chemicals alone will represent about one-third of the growth in world oil demand between now and 2030 and nearly half to 2050, ahead of trucks, aviation, and shipping,” Nasser said. In April, Aramco announced $60 billion in projects in Saudi Arabia, the US, and India. The company is also negotiating to acquire compatriot chemical maker Saudi Basic Industries.