A view shows Saudi Aramco's Manifa oilfield, Saudi Arabia January 22, 2015. (Saudi Aramco/Handout via REUTERS)
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In April, Saudi Arabian Oil Co., the world's biggest crude exporter also known as Saudi Aramco, teamed up with Total SA for a $5 billion facility in the kingdom and signaled its intention to invest in the U.S. Arab oil producers in the Gulf are boosting capacity at home and abroad to secure sales in a business that McKinsey and Co. estimates will drive 70 percent of the growth in demand for oil through 2035 .Exxon Mobil Corp. and Royal Dutch Shell PLC are among oil majors that are prioritizing petrochemicals as a high-growth business.Saudi Basic Industries Corp., or Sabic as the petrochemicals maker is known, is the Middle East's most valuable publicly traded company.Eight of the 10 largest listed petrochemical companies in the GCC are Saudi (the others are Qatari), and Sabic's market value compares with the world's biggest chemical makers DowDuPont Inc. and BASF SE.
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