Saudi Company Inks Feasibility Study Deal On Developing Petrochemical Complex
Date
12/20/2022 10:06:47 PM
(MENAFN- Trend News Agency) Saudi Basic Industries Corporation (SABIC) announced on Tuesday
the signing of a memorandum of understanding with Saudi Aramco and
China petroleum & Chemical Corporation over conducting a
feasibility study on developing a petrochemical industrial complex,
trend reports citing
xinhua .
The complex will be developed in cooperation with an existing
refinery at the Yanbu Industrial City, the Saudi Press Agency
reported.
'We always seek to use the latest innovations and technologies
to enhance our leading global positions in the petrochemicals
field,' SABIC acting Chief Executive Officer Abdulrahman Al-Fageeh
was quoted as saying.
The project is an integral part of a program to convert oil
liquids into chemicals, which is part of Saudi Arabia's national
strategic plan seeking to realize industrial and economic
diversity, and improve economic welfare in the kingdom, he
added.
The partnership is in line with SABIC's expansion plans to
support the oil-rich kingdom's strategy to convert about 4 million
barrels of crude oil liquids into chemicals every day, according to
the report.
MENAFN20122022000187011040ID1105335474
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.