Saudi Aramco boss reveals gas and LNG ambitions amid petchems push

Saudi Aramco CEO Amin Nasser, speaking on the sidelines of the World Economic Forum in Davos, said the company was eyeing potential gas and LNG acquisitions. (Reuters)
Updated 22 January 2019
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Saudi Aramco boss reveals gas and LNG ambitions amid petchems push

  • Saudi Aramco CEO Amin Nasser: We are in discussions in different countries with a lot of partners. We are reviewing these opportunities to make final decisions in terms of investment
  • Amin Nasser: A lot of it is in partnerships with leading companies around the world and it is either in gas investment, LNG investment or both

London: Saudi Aramco is eyeing gas and LNG acquisitions as it also prepares for the potential purchase of the Kingdom’s biggest chemical maker, CEO Amin Nasser revealed on Tuesday.

He made the disclosure in an interview with Bloomberg TV on the sidelines of the World Economic Forum in Davos.

“We are in discussions in different countries currently with a lot of partners. We are reviewing these opportunities to make final decisions in terms of investment,” Nasser said.

“A lot of it is in partnerships with leading companies around the world and it is either in gas investment, LNG investment or both.”

Aramco has also been in discussions with a credit rating agency ahead of a planned bond sale.

It comes ahead of the potential purchase of Saudi Basic Industries Corporation (SABIC), the Kingdom’s biggest chemical maker and a key part of Aramco’s ambitions to grow its global petrochemicals business.

“We will decide soon how much we would like to take from the bond market. Definitely it is going to be an international bond. We are currently in discussion with regard to how much and where,” Nasser said.

He said that the purchase price for SABIC was still under discussion.

“We are in discussion currently with the Public Investment Fund about acquisition of 70 percent of the share of SABIC. We are in discussion with regard to the price at this stage,” he said.

Earlier this month Saudi Energy Minister Khalid Al-Falih said Aramco would issue bonds in the second quarter of 2019.

Aramco’s planned acquisition of SABIC is expected to involve buying all or nearly all of the 70 percent stake in the chemicals company held by the Public Investment Fund (PIF), the Kingdom’s principal sovereign wealth fund.

Nasser said that there was no plan to acquire the 30 percent of the company that is currently publicly traded in Saudi Arabia.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.