Saudi Aramco and SABIC have announced their selection of Yanbu, on the west coast of Saudi Arabia, as the site for the development of an integrated industrial complex to convert crude oil to chemicals (COTC).
The announcement by Saudi Aramco and SABIC, the two largest industrial entities in Saudi Arabia, reflects their intent on making the kingdom a key hub for global chemicals production.
The COTC complex is expected to process 400 000 bpd of crude oil, which will produce approximately 9 million tpy of chemicals and base oils and is expected to start operations in 2025.
The complex is expected to create an estimated 30 000 direct and indirect jobs, as Saudi Arabia seeks to diversify its economy. By 2030 the COTC complex is expected to have 1.5% impact on the kingdom’s GDP, with investments being shared equally by both companies.
Earlier this year, Saudi Aramco and SABIC awarded the project management and front end engineering to Wood and KBR. The partners are working on finalising the selection of technologies.
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/02112018/saudi-aramco-and-sabic-announce-crude-to-chemicals-complex-at-yanbu/