Saudi Aramco and SABIC sign Heads of Agreement

Saudi Aramco and Saudi Arabian Basic Industries Corp. (SABIC) have signed a heads of agreement to conduct a feasibility study on the development of a fully integrated crude oil-to-chemicals complex to be located in Saudi Arabia.

Derived from improved refining technology, the crude oil-to-chemicals process will involve innovative configurations with proven conversion technologies. This will create a fully integrated petrochemical complex.

Saudi Aramco President and CEO, Amin H. Nasser, commented: “Our agreement with SABIC reflects our vision to build on Saudi Arabia’s global leadership in crude oil production and commodities export by substantially increasing the production of oil-based petrochemicals and further optimizing value across the entire hydrocarbons chain. This agreement will help spur a new era of industrial diversification, job creation and technology development in Saudi Arabia, particularly through downstream conversion of specialty chemicals by small and medium sized enterprises.”

SABIC vice chairman and CEO, Yousef Abdullah Al-Benyan, added: “By working together to deliver Chemistry that Matters™, SABIC and Saudi Aramco can drive advances that will diversify the Kingdom’s feedstock mix and make oil a viable petrochemical feedstock. We are hopeful that our agreement to conduct a joint feasibility study on the development of an integrated crude oil-to-chemicals complex in Saudi Arabia will ultimately lead to a new era for the Kingdom, driving strong economic growth, creating many new opportunities for aspiring young Saudis, and playing a significant role in the Kingdom’s economic transformation.”

Edited from press release by Angharad Lock

Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/29062016/saudi-aramco-and-sabic-sign-heads-of-agreement/