King Salman authorizes Ministry of Industry to supervise petrochemical sector

13/09/2020 Argaam

Saudi Arabia's King Salman bin Abdulaziz issued a royal order authorizing the Ministry of Industry and Mineral Resources to supervise the petrochemical sector, particularly the programs planned to support the industry. 

 

The ministry will also issue licenses, provide the related services in the sector, and ensure conformity with the local content and value-added tax (VAT) standards in the petrochemical industry. 

 

On the other hand, Saudi Aramco was allowed to maintain direct communication with other government authorities, being an independent entity. 

 

Under the royal order, the Saudi Cabinet’s Bureau of Experts will review the laws, regulations, and decisions, and amend them accordingly.  

 

The decision came after reviewing the report submitted by the Council of Economic and Development Affairs to study the petrochemical industry reference and allow energy major Saudi Aramco, petrochemical heavyweight SABIC, etc. to have direct communication with government authorities. 

 

In August 2019, King Salman issued a royal decree to establish a new Ministry of Industry and Mineral Resources, after splitting it from the Energy Ministry, Argaam reported. 

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