When Saudi Arabia’s petro chemical plant dies, petro chemicals are to be left to the Saudis
Saudi Arabia has announced plans to sell petro-chemical plants to foreign buyers after the kingdom’s petrodollars dried up.
Petrochemical plants were an integral part of the countrys economic development from the mid-1990s until 2010, when the Saudi economy slid into a deep economic crisis.
In 2016, the Saudi government declared a total of 2,500 petro plant licenses had been sold, while another 7,000 were under construction.
In a statement, Saudi Arabia said it would sell off all petro plants by 2018.
It also said it had started the process of shutting down the remaining plants in the kingdom.
Petrodollar sales have been a key pillar of Saudi Arabias economic growth and helped it to become a global power.