Saudi Aramco and SABIC have signed a MoU to develop a fully integrated crude oil to chemicals complex in Saudi Arabia.
The complex is expected to process 400,000 barrels per day of crude oil, which will produce 9 million tonnes of chemicals and base oils annually and is expected start operations in 2025.
Saudi Aramco president and CEO Amin Nasser says: 'This project converges the commercial and strategic interests of both Saudi Aramco and SABIC, while reinforcing Saudi Aramco's efforts to optimise the investment of our petroleum resources. The complex will also help expand our downstream portfolio, reducing our focus on the transportation sector and securing new and promising commercial opportunities.'
The complex will be constructed based on an innovative configuration that achieves crude oil to chemicals conversion that is unprecedented in the industry.
The project will support the creation of a world-leading downstream sector in Saudi Arabia, as part of the Kingdom's Vision 2030 economic transformation programme.
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