Tuesday, 16 July 2024

SABIC inks MoU with Aramco, Sinopec to study developing ‎petrochemical complex in Yanbu ‎

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SABIC, the world leader in the diversified chemicals industry, announced the signing of a memorandum of understanding on December 15th with Saudi Aramco and Chinese Petrochemical Company (Sinopec) to study the economic and technical feasibility of developing a petrochemical industrial complex in integration with a refinery located in Yanbu Industrial City, Kingdom of Saudi Arabia.

His Excellency Eng. Abdul Rahman bin Saleh Al-Faqih, Acting CEO of SABIC, said: “We at SABIC always seek to use the latest innovations and technologies to enhance our global leadership position in the field of petrochemicals, and this project is an important part of our program for converting crude oil liquids into chemicals, which comes within the strategic national target aimed at achieving industrial and economic diversification and enhancing economic prosperity in the Kingdom.

This partnership comes in line with SABIC’s expansion plans aimed at supporting the Kingdom’s strategy to convert about 4 million barrels per day of crude oil liquids into chemicals.

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