SABIC signs MOU with Saudi Aramco and Polish energy group PKN Orlen
SABIC today signed a Memorandum of Understanding with Saudi Aramco and PKN Orlen for the exploration of potential petrochemical growth or expansion projects in Poland and Central and Eastern Europe.
The agreement will enable studying of several potential collaboration and investment opportunities including a new chemical production facility in Poland, the expansion of several existing assets and development of a new world scale cracker.
Mr Abdulrahman Al-Fageeh, SABIC’s Executive Vice President for Petrochemicals said:
“For more than 40 years and in every region, SABIC’s collaborative approach has built longstanding relationships, delivered innovative solutions and created mutual value. By bringing together the scale, expertise and technologies of three world-leading companies, this MOU enables us to identify and assess opportunities for ambitious and sustainable growth.”
Upon completion of the exploration phase and if the parties agree to pursue any potential petrochemical project, they will enter into a separate project joint development agreement (“JDA”).
PKN Orlen is Poland’s top energy group and specializes in the manufacture, distribution, wholesale and retail sale of refined petrochemical products. It operates several refineries located in Poland, Lithuania and the Czech Republic.