SABIC sign MoU with Aramco and Sinopec to study feasibility of developing petrochemical industrial complex in Yanbu

Saudi Basic Industries Corporation (SABIC) announced on Sunday the completion of the study, which led to its intention to sign a Memorandum of Understanding with Saudi Arabian Oil Company (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) for an economic and technical feasibility study to develop an integrated petrochemical complex with an existing refinery in Yanbu, Saudi Arabia.

The company said in a statement on Sunday on Tadawul that the memorandum period is 18 months.

This is about the announcement made on Tadawul by Saudi Basic Industries Corporation (SABIC) on October 18, 2020, regarding the latest developments on integrating Saudi Aramco’s existing refineries in Yanbu with a world-scale mixed feed steam cracker and downstream olefin derivative units.