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Governments use evidence-based models to complete projects that can meet their citizens’ needs. In an attempt to achieve its goals before 2030, Saudi Arabia has partnered with public and private corporations from different parts of the world. The discussion presented below describes how such a model for the petrochemical industry will benefit several stakeholders.
Analysis of the Joint Venture
For many decades, governments have formed public-private partnerships (PPPs) to achieve most of their objectives and address their citizens’ challenges. The leaders of Saudi Arabia have established a joint venture with companies such as Sadara and Total to build petrochemical projects. The nature of the targeted arrangement is that these corporations will utilize most of their resources and innovations to deliver every outlined objective.
With the possession of advanced technologies, experts, and manpower, the identified companies will produce superior products depending on the country’s industrial demands. Since Saudi Arabia is a leading player in the global oil sector, the established joint venture is expected to create the best environment for undertaking complex researches, addressing emerging challenges, and presenting evidence-based ideas to support the nation’s objectives (Saundalkar). The suggested joint venture will bring on board different players and actors in an attempt to promote sustainability and economic development. This strategy will make it easier for Saudi Arabians to compete with their business rivals in Asia.
Projected Benefits: Vision 2030
Saudi Vision 2030 is a national plan aimed at minimizing the country’s reliance on oil and transform its key sectors, including health, tourism, infrastructure, education, and infrastructure. In order to achieve these objectives, the government has focused on ventures that can present superior technologies, ideas, and resources (Lewandowski). The proposed petrochemical projects will make it possible for Saudi Arabia to attract new investors, diversify its products, improve every military unit, and maximize economic opportunities. The targeted petrochemicals such as aromatics and olefins will support different manufacturing companies and make it easier for them to achieve their objectives. This means that the proposed joint venture will support Saudi Arabia’s vision.
Saudi Arabians are expected to benefit significantly from these partnerships. For instance, the introduction of advanced technologies and resources will result in the reduction of natural gas prices. Citizens will find it easier to pursue their economic objectives. Lewandowski indicates that the current level of unemployment will reduce significantly since the identified foreign companies will hire local workers. This country is also expected to acquire technological resources that can drive other sectors or industries. Infrastructural developments will also be taken seriously in order to support these ventures.
Such multinational corporations will have access to high-quality petroleum products, including gas. This is a clear indication that they will reduce the prices of their products and eventually emerge profitably. Consequently, such companies will become leading players in their respective market segments. These achievements will, therefore, result in numerous benefits for the government of Saudi Arabia, its citizens, and every international corporation.
The above discussion has revealed that countries can embrace modern technologies in order to achieve their economic goals much faster. The case of Saudi Arabia supports the use of PPPs to reduce the prices of natural gas, deliver superior petrochemical distillates to the targeted consumers, and promote economic development. The model can also address most predicaments many citizens in different corners of the world face.
Lewandowski, Steve. “Assessing the Impact of Rising Saudi Arabia Feedstock Prices.” Chemical Week. Web.
Saundalkar, Jason. “Saudi Aramco and Total Sign Agreement for Petrochemical Complex.” Construction News. Web.