Saudi Basic Industries Corporation (SABIC) announces the latest developments of the signing of a Memorandum of Understanding with Saudi Arabian Oil Co. (Saudi Aramco)
This is in reference to the announcement made on Tadawul by Saudi Basic Industries Corporation (SABIC) on November 26, 2017, regarding the signing of a Memorandum of Understanding with Saudi Arabian Oil Co. (Saudi Aramco) to study the feasibility of developing an industrial complex to convert crude oil to chemicals (COTC).
SABIC announces the expansion of the scope of converting crude oil to chemicals project with Saudi Aramco to include existing development programs of advancing crude to chemicals technologies as well as through integrating existing facilities. This is done by taking into consideration both companies future plans and opportunities. SABIC and Saudi Aramco are looking at opportunities for integration with existing facilities to maximize the economic value while evaluating the optimal technical options and market risks.
Consequently, both parties intend to re-evaluate the scope of the Crude-Oil-to-Chemicals (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.
SABIC and Saudi Aramco remain committed to continue advancing crude to chemicals technologies through existing development programs with the goal to increase cost efficiency, competitiveness and value creation opportunities for petrochemicals.