Saudi Aramco, SABIC plan to build $20 bln oil-to-chemicals complex

27 Nov 2017   Saudi Arabia

State oil giant Saudi Aramco [IPO-ARMO.SE] and petrochemical producer Saudi Basic Industries Corp (SABIC) signed a preliminary deal on Sunday to build a $20 billion complex to convert crude oil to chemicals. The project, which the partners said would be the largest crude-to-chemicals facility in the world and the first in the kingdom, are part of the Saudi government’s effort to diversify the economy beyond exporting crude. Private investment has slowed in the kingdom in the last few years due to low oil prices and government austerity, so Riyadh wants to develop manufacturing industries, including chemicals. Sponsored After signing the memorandum of understanding, Aramco Chief Executive Amin Nasser told reporters a final decision on […]

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