The two global energy and petrochemical industry giants in Saudi Arabia are entering a new phase of the innovation and development challenge in their field. The Saudi Basic Industries Corporation (SABIC) and Saudi Aramco have announced their past efforts to expand the scope of the oil-to-chemicals project, by developing technologies for converting petroleum liquids into chemicals from During the integration in some of the joint ventures of the two companies around the world.
According to a statement by “SABIC” on the website of the financial market company “Tadawul”, the growth plans of the two companies were taken into consideration, and all opportunities available for integration in future projects were discussed to maximize the economic benefit of the two companies, and to study all the optimal technical options for developing the scope of project business and assessing market risks.
The two parties intend to re-evaluate the work of an industrial complex development project with Saudi Aramco to convert crude oil into chemicals, by studying the integration of Saudi Aramco refineries in Yanbu with an industrial complex containing a multi-feed olefins cracker and other derivatives units.
“SABIC” stressed its commitment with “Saudi Aramco” to continue developing technologies for converting crude oil to chemicals, which would contribute to increasing cost efficiency and opportunities to create value in the energy and petrochemical industry on a larger scale. In mid-2017, SABIC signed a preliminary agreement with Saudi Aramco, which includes conducting a joint study related to establishing an industrial complex in Saudi Arabia to convert crude oil into chemicals.
It is noteworthy that «Saudi Aramco» and «SABIC» concluded in November (November) of 2017. Memorandum of Understanding to develop the largest integrated complex in the world to convert crude oil into chemicals.
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