Chemicals are fundamental to the economy and society in everyday life. They are widely used in the manufacture of plastics, rubbers, fibres, adhesives and solvents. They also help make a variety of consumer goods such as textiles, computer casings and washing detergents, etc. Our chemicals are used to manufacture thousands of everyday materials and products that can contribute to our customers' success and needs.
Unlocking the greater potential value inherent in our hydrocarbon resources lies at the heart of our chemicals strategy. Since entering the chemicals business in 1998, we have sought to maximize the value of every hydrocarbon molecule we produce and have created a diversified portfolio of non-oil revenue streams for the company.
As today's fastest growing crude oil demand sector, chemicals presents considerable opportunities for future growth and long-term value creation. Our global chemicals business currently spans the production of basic chemicals such as aromatics, olefins, and polyolefins to more complex products such as polyols and advanced synthetic rubber.
Following Saudi Aramco's acquisition of a 70% stake in Saudi Basic Industries Corporation (“SABIC”), the marketing and sales responsibility for a number of Aramco petrochemicals and polymers products were successfully transferred to SABIC, and the offtake and resale responsibility of a number of SABIC products were transferred to Aramco Trading Company (“ATC”). Together, ATC and SABIC focus on providing a world-class products and services offering. These changes will place us in an even stronger position to deliver market-leading innovation and value.