Saudi Arabia is increasing its global investment strategy in the chemicals sector in order to secure future buyers for its crude oil by converting oil into chemicals.
The kingdom is currently in talks to acquire stakes in various companies in China, indicating a proactive approach to expanding its influence in the chemical production market.
State-run Saudi Aramco has expressed its intention to pursue additional deals throughout this year and into the next, emphasizing the importance of chemical production as a key driver for future oil demand.
This strategic move is part of Riyadh's broader plan to ensure a stable market for its extensive crude oil reserves and position itself as a leader in the evolving energy landscape.