Aramco's Nasser says demand for petrochemicals to remain strong

Amin Nasser, President and CEO of Saudi Aramco

Demand for petrochemicals will remain strong, and the petrochemicals sector will likely constitute 50% of global demand for oil by 2050, Amin Nasser, President and CEO of Saudi Aramco, told the Annual GPCA Forum held in Riyadh.  

The more intense the transition, the more important petrochemicals will be for oil and gas as well as other industries, Nasser said, indicating that the net-zero goals will not be reached without energy transition, especially petrochemicals and future strategies.

"In order to accelerate the transition process, we must rely on research and development, which are essential," the top executive said.

He highlighted the availability of opportunities in the value chain, not only through extending the life cycle of materials, but also through converting them to reduce their emissions and use them in a certain way.

The green hydrogen will play a key role in the petrochemical industry and can be used as a clean source of energy. In addition, it can produce more sustainable materials, Nasser noted.