In an interview with Bloomberg, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects.
The interview, given in Dhahran, Saudi Arabia, said the planned spending would come on top of the already planned purchase of a majority stake in Sabic, the Middle East’s largest chemical business, a deal that could be valued at about $70 billion.
“We need a major acquisition for us to be in different markets quickly,” Nasser said. Sabic has a presence in more than 50 countries, and “it makes sense” for Aramco to acquire a company of its size, he said.
Nasser added that Aramco expects to conclude negotiations with the PIF soon on the funding for the Sabic acquisition, and “all financial instruments are on the table” for funding it.