Saudi Aramco has signed a joint development agreement with CB&I and Chevron Lummus Global to commercialise its thermal crude to chemicals technology.
The innovative technology at Saudi Aramco's research and development centre enables higher chemicals yield than previously achievable. This technology also bypasses conventional refining steps by employing a proprietary direct conversion process.
Amin Nasser, Saudi Aramco president and CEO, says: 'Saudi Aramco is going beyond the quick wins and is instead prioritising investments in groundbreaking R&D and technology. Today's joint development agreement is a technological first which will position Saudi Aramco to maximise the value of each barrel of crude oil it produces in the near future.'
The partnership will accelerate the scale-up and de-risking of the technology.
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