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
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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.


China cancels trade talks with US as tariff threats escalate

Updated 22 September 2018
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China cancels trade talks with US as tariff threats escalate

  • A mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned
  • China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods

SHANGHAI: China has canceled upcoming trade talks with the United States and will not send vice-premier Liu He to Washington next week, the Wall Street Journal reported, citing sources.
The Wall Street Journal said a mid-level delegation was due to travel to Washington ahead of Liu’s visit, but the trip has now been abandoned.
Earlier this week, China added $60 billion of US products to its import tariff list as it retaliated against US duties on $200 billion of Chinese goods set to go into effect from Sept. 24.