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Petrochemical projects are expected to drive the commencement of upcoming projects across the oil and gas value chain in Saudi Arabia, accounting for approximately 61% of the total projects expected to start operations during the period of 2021 to 2025.
Among these, newbuild projects dominate with 84%, while the rest are expansion projects, according to GlobalData.
Soorya Tejomoortula, Oil & Gas Analyst at GlobalData, comments: “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 segments. The state-owned company, Saudi Aramco, already acquired 70% stake in the country’s petrochemical giant, Saudi Basic Industries (SABIC), last year for approximately US$69 billion as part of its strategy to diversify from the upstream sector.”
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Petchem projects to drive Saudi oil, gas sector by 2025
RIYADH, 6 hours, 49 minutes ago 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.
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