Skip to content Skip to Search
Skip navigation

Saudi and Chinese firms propose feasibility for petchem complex

By Pramod Kumar
Factory, Building, Architecture Saudi Aramco
The MoU will be valid for 18 months

Saudi Basic Industries Corp. (Sabic) has signed a memorandum of understanding (MoU) with Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) to look into developing an integrated petrochemical complex with an existing refinery in Yanbu.

The MoU would be valid for 18 months, the petrochemicals major said in a statement to the Saudi stock exchange.

Saudi energy minister Prince Abdulaziz bin Salman said in November that Sabic and Saudi Aramco were planning a joint project to convert crude into petrochemicals in Ras Al Khair.

The minister stated that the project, which will be the first of its kind in Saudi Arabia, will be completed in the coming years and have a capacity of 400,000 barrels of crude per day.

In August, Aramco signed an agreement with Sinopec to develop projects in the kingdom, underscoring the strong investment links between the two countries.

The MoU covered several areas, including potential collaborations across upstream and downstream businesses, engineering and construction, oilfield services, carbon capture and hydrogen.

It also outlined the possibility of Sinopec establishing a local manufacturing hub in King Salman Energy Park.

Latest articles

Thani Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates, (UAE) speaks during the Skybridge Capital SALT New York 2021 conference in New York City, U.S., September 15, 2021. REUTERS/Brendan McDermid Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, said 'Malaysia offers substantial opportunity for our exporters, industrialists and business leaders' UAE Malaysia Cepa

UAE and Malaysia sign Cepa to increase bilateral trade

The UAE and Malaysia have signed a free trade deal, bringing the number of deals the Gulf state has agreed with foreign governments to 12. The comprehensive economic partnership agreement (Cepa) will seek to eliminate or reduce tariffs, lower trade barriers, increase private sector collaboration and create new investment opportunities, the two countries said in a […]

Modern buildings in the city center of Riyadh, Saudi Arabia

Riyadh leads Saudi Arabia’s hot property market

Strong population and employment growth in Riyadh is driving a surge in real estate transactions as new properties cannot come on the market fast enough. A dramatic rise in the number of deals in the 12 months to the end of June was also visible in Jeddah and Dammam, according to a report this week […]

The new technology can help with tracking projects as contractors often have no idea how many workers are on site at one time and workers are frequently unsupervised

Saudi startup’s smart helmets upping safety on building sites

When Hassan AlBalawi first proposed a smart helmet that would track all employee movements on building sites, construction companies could not see the point.  “We were focusing on this problem of how to get technology into the construction field, measuring the drowsiness of construction workers. But it turned out the construction companies didn’t know or care,” […]

Aircraft, Airliner, Airplane

Kuwait Airways 2023 revenue soars 16% to $1bn

Increased passenger volume and flight operations increased revenues at Kuwait Airways by 16 percent in 2023. The topline reached KD335 million ($1.1 billion) last year, as the number of flights soared 26 percent year on year to 32,839, the state-run Kuwait News Agency reported, citing chairman Abdulmohsen Alfagaan. No details were shared on profit or […]