The Gulf’s oil giants risk becoming sprawling conglomerates

“ARAMCO has always been far more than just an oil producer.” So said Amin Nasser, chief executive of Saudi Arabia’s petro-colossus, earlier this year. Mr Nasser has lofty ambitions for the world’s biggest oil company, which he views as “an important enabler” of his country’s diversification away from the commodity. That aspiration is shared by Sultan Al Jaber, chief executive of ADNOC, the national oil company of the United Arab Emirates (UAE), whose country also dreams of shedding its petro-state status.