Deal builds on SABIC and Saudi Aramco 2017’s MoU to study the feasibility of developing an industrial complex to convert crude oil to chemicals
Saudi Basic Industries Corporation (SABIC) have inked a deal with Saudi Aramco that outlines expansion of the scope of converting crude oil to chemicals (COTC). The deal includes the existing development programmes of advancing crude to chemicals technologies, through integrating existing facilities.
According to a statement, the deal will move forward taking into consideration both companies’ future plans and opportunities. Through the expansion, the companies aim to increase cost efficiency, competitiveness and value creation opportunities for petrochemicals.
SABIC and Saudi Aramco are looking at opportunities for integration with existing facilities to maximise the economic value, while evaluating the optimal technical options and market risks, SABIC said.
Both parties intend to re-evaluate the scope of the COTC complex project and study the integration of Saudi Aramco’s existing refineries in Yanbu with a world-scale mixed feed steam cracker and downstream olefin derivative units.