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Aramco makes cuts, but not as many as others
Like other oil majors, Saudi Aramco is cutting back on its capital spending, but the extent of work being carried out remains huge. Aramco is still finalising its purchase of a 70% stake in state petrochemicals giant Sabic (the other 30% is traded on the Saudi Stock Exchange), with an integration team working out the new entity’s structure.Industry specialist Argus on 30 March reported Saudi Arabia was continuing to invest in petrochemicals, “in contrast to cutbacks in large-scale capital projects around the world amid the oil price slump and coronavirus pandemic”.
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