Riyadh, SPA:
Saudi Basic Industries Corporation (SABIC) has announced signing a memorandum of understanding with Aramco and China Petroleum & Chemical Corporation (Sinopec) to study the economic and technical feasibility to develop a petrochemical industrial complex in cooperation with an existing refinery at the Yanbu Industrial City.
SABIC Acting CEO Eng. Abdulrahman Al-Fageeh said: “We always seek to use the latest innovations and technologies to enhance our global leading positions in the petrochemicals field, where this project is an important part of a program to transfer oil liquids into chemicals, which is part of the strategic national plan aiming at realizing industrial and economic diversity and enhancing economic welfare in the Kingdom of Saudi Arabia.”
This partnership is in line with SABIC's expansion plans to support the Kingdom of Saudi Arabia’s strategy to convert about 4 million barrels per day of crude oil liquids into chemicals.