June 22, 2020 / 4:15 PM / a month ago

Saudi Aramco expects SABIC acquisition to accelerate its downstream strategy

FILE PHOTO: The logo of Aramco is seen as security personnel walk before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. REUTERS/Hamad I Mohammed/File Photo

DUBAI (Reuters) - Saudi Aramco’s acquisition of petrochemical maker SABIC will accelerate the company’s downstream strategy and transform it into a global petrochemical player, an official of the state oil giant told al-Arabiya TV.

“We expect long-term demand for petrochemicals to grow, with the sector expected to record the fastest growth in oil demand to 2040,” said Abdulaziz al-Gudaimi, a senior vice president at Aramco.

Reporting by Aziz El Yaakoubi; Editing by Edmund Blair

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