Petrochemical producer Saudi Basic Industries Corp (SABIC) plans to spend between $3 and $10 billion on acquisitions over the next five years in specialties and agri-nutrients.
SABIC has been looking for ways to expand its agri-nutrients operations in Africa and South America. The move to target more lucrative specialty chemicals comes as Saudi Arabia as a whole is looking for ways to diversify its economy and lessen its reliance on oil.
In May, the firm said it was evaluating acquisition opportunities in the range of $3 billion to $6 billion in petrochemicals, specialty chemicals and fertilisers and said it aimed to do the first such deal in the fourth quarter of this year.
SABIC agreed with Saudi Aramco to build a $20 billion complex on Sunday, converting 45 percent of crude oil directly into chemicals and bypassing refining.