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Saudi and Chinese firms propose feasibility for petchem complex

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.

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