A new report from ICIS suggests that ‘big oil’ in the Middle East will boost the global petrochemicals footprint.
Advancing its integrated refining and petrochemicals business, Aramco gains access to SABIC’s 62 million tpy petrochemicals capacity.
In a speech given at the Gulf Petrochemicals and Chemicals Association’s Research and Innovation summit, Aramco outlined their vision of increased research and production in the industry.
The 50:50 joint venture plans to invest around US$1 billion over the next six years in the Saudi fuel retail market.
The signing took place on the sideline of the inauguration ceremony of the National Industrial Development & Logistics Program (NIDLP).
Saudi Aramco and Air Products will establish a pilot fleet of fuel cell vehicles for which high-purity compressed hydrogen will be dispensed at the new fuelling station.
The JV company will market and provide integrated defensive cybersecurity software and hardware capabilities, and perform research and development activities.