Riyadh’s Vision 2030 is a game changer for the kingdom and Saudi Aramco is key to the government’s plans to privatise state assets and diversify its hydrocarbon-dependent economy, according to the CEO of the state-run company.

”Saudi Aramco is an essential element to Vision 2030. First, you talk about privatisation… so listing Saudi Aramco or privatizing it shows that you [Saudi Arabia] are starting with your crown jewel,” Amin Nasser, who is also the president of Aramco, the global oil and gas giant, told Petrotech 2016 conference in Bahrain. ”Other sectors will follow soon and you are talking about power, water and desalination, railroad, health and education will be diversified and privatised in the future.”

Saudi Arabia relies on oil sales for more than 80 per cent of its revenue. Crude prices have dropped more than 50 per cent since the mid-2014 peak of $115 a barrel which has forced the kingdom to run an austerity campaign and cut spending. The kingdom earlier this year announced Vision 2030, a broader economic and social agenda followed by the National transformation plan, a roadmap to diversify the country’s economy and cut its dependence on oil.

Riyadh announced to list less than 5 per cent of the Saudi Aramco in possibly the biggest ever initial public offering in the world. It is currently evaluating a number of international exchanges, where it could list Aramco shares along with the local bourse known as Tadawul.

”We have a major role to play in Vision 2030. We [Aramco] need to diversify, and by diversifying means building significant petrochemical sector in the kingdom, going through the full value chain in the petrochemical sector,’’ he said, adding that the company is looking at integration and at the same time the industrial parks adjacent to the petrochemical plants ensuring there is the right mix of tenants and industries to complement the petrochemical plants.

Nasser said Aramco will also be central in achieving the renewable energy target of 9.5 gigawatts. “We will play a major role, a leading role in achieving that target,” he said without elaborating.

Aramco is also involved in creating the right eco-system for investors to come to the kingdom, which is ultimately create jobs for the Saudi nationals.

“A good example of that is the Maritime Complex in [the] Eastern Province in Ras al-Khair. We will be building tankers, boats, engines and everything that is required, will be built in the kingdom and we are attracting all the right manufacturers to the kingdom for that,” he said. ”We are also looking at the Energy City in the eastern province – 50 square kilometres – where we will also build the infrastructure and attract industries,” Nasser added.

He did not say when these projects will be built or how much Aramco plans to spend on them.