SABIC and Saudi Aramco agree to study oil-to-chemicals project

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Saudi Aramco and SABIC signed the heads of agreement for the oil-to-chemicals feasibility study in Dhahran. Saudi Aramco was represented by Abdulaziz Judaimi, business line head, downstream, while SABIC was represented by Uwaidh Alharethi, executive vice president, chemicals. The signing were witnessed by Saudi Aramco CEO Amin Nasser and SABIC CEO Yousef Abdullah Al-Benyan.
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Top executives of Saudi Aramco and SABIC at the event.
Updated 28 June 2016

SABIC and Saudi Aramco agree to study oil-to-chemicals project

DHAHRAN: Saudi Aramco and Saudi Arabian Basic Industries Corporation (SABIC) have signed a heads of agreement to conduct a feasibility study on the development of a fully integrated crude oil-to-chemicals complex to be located in Saudi Arabia.

The heads of agreement contains key principles of cooperation that will form the basis for the companies to establish a joint venture, if the joint study reaches a positive conclusion.
Derived from improved refining technology, the crude oil-to-chemicals process will involve innovative configurations with proven conversion technologies.
This will create a fully integrated petrochemical complex which maximizes chemical yield, transforms and recycles by-products, drives efficiencies of scale and resource optimization and diversifies the petrochemical feedstock mix in the Kingdom.
Saudi Aramco President and CEO Amin H. Nasser said: “Our agreement with SABIC reflects our vision to build on Saudi Arabia’s global leadership in crude oil production and commodities export by substantially increasing the production of oil-based petrochemicals and further optimizing value across the entire hydrocarbons chain.”
He said the agreement “will help spur a new era of industrial diversification, job creation and technology development in Saudi Arabia, particularly through downstream conversion of specialty chemicals by small and medium sized enterprises.”
SABIC vice chairman and CEO, Yousef Abdullah Al-Benyan said: “By working together to deliver Chemistry that Matters, SABIC and Saudi Aramco can drive advances that will diversify the Kingdom’s feedstock mix and make oil a viable petrochemical feedstock.”
He added: “We are hopeful that our agreement to conduct a joint feasibility study on the development of an integrated crude oil-to-chemicals complex in Saudi Arabia will ultimately lead to a new era for the Kingdom, driving strong economic growth, creating many new opportunities for aspiring young Saudis, and playing a significant role in the Kingdom’s economic transformation.”
Consistent with Saudi Arabia’s Vision 2030 goals, this project will provide new opportunities toward creating a  world leading downstream sector in Saudi Arabia, built on four key drivers: maximizing value from the Kingdom’s crude oil production via vertical and horizontal integration across the hydrocarbon chain; enabling the creation of conversion industries that produce semi-finished and finished goods to help diversify the economy; developing advanced technologies and innovation; and, enabling the Kingdom’s sustainable development in alignment with the Kingdom’s National Transformation Program.

Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

The National Commercial Bank struck the agreement with SABIC. (Reuters)
Updated 19 November 2018

Saudi Arabia’s SABIC and NCB sign deal to finance small businesses

  • The move will help develop local industries through financing and refinancing entrepreneurs

LONDON: The National Commercial Bank (NCB) has signed a memorandum of understanding with the Saudi Basic Industries Corporation (SABIC) to help boost the financing of small and medium enterprises (SMEs).

The move will help develop local industries through financing and refinancing entrepreneurs, Asharq Al-Awsat newspaper reported.

The agreement will enable entrepreneurs and small and medium enterprises (SMEs) to obtain support and funding from NCB at preferential rates.

In addition, NCB will provide other services, including training and educational and awareness courses.

NCB, also known as Al-Ahli Bank, recently organized three workshops geared toward SMEs, covering areas such as credit approvals, financing and trade.