Saudi Aramco and Saudi Basic Industries Corporation (SABIC) have decided to reassess their project to convert crude oil into chemicals worth $ 20 billion and are now looking instead to merge existing facilities.
The decision comes at a time when oil companies around the world are re-evaluating energy projects to maintain liquidity with the collapse of demand caused by the Corona virus pandemic, which threatens to keep crude prices weak for a long time.
Petrochemical producer Aramco and SABIC in 2017 signed an initial deal to build a $ 20 billion complex to convert crude oil into chemicals.
But SABIC said in a statement on Sunday that the two companies are now considering merging the existing Aramco refineries in Yanbu with a steam cracking unit and olivine derivative units.
The statement said that SABIC and Saudi Aramco continue to commit to developing technologies for converting crude to chemicals through current development programs with the aim of increasing efficiency in terms of cost and capacity
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