Insight Conversation: Abdulrahman Al-Fageeh, Sabic

Sabic executive vice president of petrochemicals, Abdulrahman Al-Fageeh, talked with Claudia Carpenter about the outlook for the industry and Saudi Aramco’s pending takeover of 70% of the company for $69.1 billion. All eyes are on Aramco’s acquisition of Sabic, now that the state-owned oil giant  has successfully issued new shares in the world’s biggest initial public offering in December. Aramco has said it expects the Sabic acquisition to close in the first half 2020, turning it into a company with the world’s largest net production capacity of ethylene and among the top four companies in net production capacity of polyethylene, monoethylene glycol and polypropylene. Sabic has dominated the petrochemicals market in the Middle East for years, and now faces new competition from China to India and the UAE. Petrochemicals will provide the only source of demand growth for oil if policymakers stick to sustainable development plans, the International Energy Agency said in its world energy outlook report in November. Aramco has said the Sabic acquisition is in line with its strategy to increase its global participated refining capacity from 4.9 million b/d to 8-10 million b/d by 2030, of which 2 million b/d to 3 million b/d will be converted… continue reading

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