Reuters is reporting that Saudi Aramco and Saudi Basic Industries have decided to re-evaluate their US$20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead.
Saudi Aramco and SABIC signed a preliminary deal in 2017 to build a US$20 billion complex to convert crude oil to chemicals.
In a statement on Sunday, SABIC said the two companies were now considering the integration of Saudi Aramco’s existing refineries in Yanbu with a mixed feed steam cracker and downstream olefin derivative units.
“SABIC and Saudi Aramco remain committed to continue advancing crude to chemicals technologies through existing development programs with the goal to increase cost efficiency, competitiveness and value creation opportunities for petrochemicals,” the statement said.