The Ministry Of Energy and Industry and Mineral Resources is one of the governmental bodies of Saudi Arabia and part of the cabinet. The ministry has the function of developing and implementing policies related to petroleum and petroleum products. The ministry is primarily responsible for the policies concerning oil, gas and natural minerals in the country which is the world's largest holder of crude oil reserves. It closely monitors the activities of the Saudi Aramco together with the Supreme Council for Petroleum and Minerals. However, the ministry has much more responsibility in this regard than the council. The other agency with which the ministry works is Petromin, the general petroleum and mineral organization. Through Saudi Arabian Basic Industries Company (SABIC), established in 1976, the ministry oversaw the operation of petrochemicals and other heavy industry projects.