ARTICLE · 07 SEPTEMBER 2018

Saudi Arabia Update – August 2018

Dentons

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Despite the Kingdom's status as OPEC's dominant producer, its interest in Tesla has illustrated that it aims to diversify its economy away from crude oil.

United StatesGovernment, Public Sector

Matthew Kirkham

Mahmoud Abdel-Baky

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Foreign investment

The Kingdom invests in Tesla

Despite the Kingdom's status as OPEC's dominant producer, its interest in Tesla has illustrated that it aims to diversify its economy away from crude oil. Tesla CEO Elon Musk recently discussed the Saudi Public Investment Fund's (PIF) interest in bankrolling his plan to make Tesla a private company. This follows recent revelations that the PIF has already acquired a nearly 5 per cent stake in Tesla. In 2017, SABIC announced plans with Aramco for a US$20 billion crude-to-chemicals plant that could process 400,000 barrels per day in Saudi Arabia. Despite the fact that greater efficiency and electric cars could eventually sap oil demand for transportation, petrochemicals, used for plastics and other materials, are still projected to be a major growth sector for oil use in the coming decades.

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