In the past four years, the Petroleum and Mineral Resources Ministry has already licensed 19 up and downstream projects involving investments worth SR26 billion creating 3,500 direct jobs. The new projects are expected to create an additional 12,000 jobs.

The growth rate in the Saudi petrochemical sector is expected to reach eight percent while demand for gas in the Kingdom will amount to more than 12 billion cubic feet daily by 2025.

Naimi told the Arab News that fresh domestic and foreign investments would come to supply petrochemicals to new industries. The new projects are expected to produce 18 million metric tons of petrochemicals and minerals and are planned to start production between 2006 and 2009.

"The products of these projects will serve as a basis for downstream industries such as plastics, insulators, carpets and fertiliser," he said.