GulfBase Live Support
29/06/2016 01:52 AST
Saudi Aramco and Saudi Arabian Basic Industries Corporation (SABIC) have signed a heads of agreement to conduct a feasibility study on the development of a fully integrated crude oil-to-chemicals complex to be located in Saudi Arabia.
The heads of agreement contains key principles of cooperation that will form the basis for the companies to establish a joint venture, if the joint study reaches a positive conclusion.
Derived from improved refining technology, the crude oil-to-chemicals process will involve innovative configurations with proven conversion technologies.
This will create a fully integrated petrochemical complex which maximizes chemical yield, transforms and recycles by-products, drives efficiencies of scale and resource optimization and diversifies the petrochemical feedstock mix in the Kingdom.
Saudi Aramco President and CEO Amin H. Nasser said: “Our agreement with SABIC reflects our vision to build on Saudi Arabia’s global leadership in crude oil production and commodities export by substantially increasing the production of oil-based petrochemicals and further optimizing value across the entire hydrocarbons chain.”
He said the agreement “will help spur a new era of industrial diversification, job creation and technology development in Saudi Arabia, particularly through downstream conversion of specialty chemicals by small and medium sized enterprises.”
SABIC vice chairman and CEO, Yousef Abdullah Al-Benyan said: “By working together to deliver Chemistry that Matters, SABIC and Saudi Aramco can drive advances that will diversify the Kingdom’s feedstock mix and make oil a viable petrochemical feedstock.”
He added: “We are hopeful that our agreement to conduct a joint feasibility study on the development of an integrated crude oil-to-chemicals complex in Saudi Arabia will ultimately lead to a new era for the Kingdom, driving strong economic growth, creating many new opportunities for aspiring young Saudis, and playing a significant role in the Kingdom’s economic transformation.”
Consistent with Saudi Arabia’s Vision 2030 goals, this project will provide new opportunities toward creating a world leading downstream sector in Saudi Arabia, built on four key drivers: maximizing value from the Kingdom’s crude oil production via vertical and horizontal integration across the hydrocarbon chain; enabling the creation of conversion industries that produce semi-finished and finished goods to help diversify the economy; developing advanced technologies and innovation; and, enabling the Kingdom’s sustainable development in alignment with the Kingdom’s National Transformation Program.
Arab News
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
09/03/2018
Saudi Arabia will firmly support the UK as it embarks on Brexit, the chief of chemicals giant Sabic said on Thursday. Speaking at a gathering of CEO’s from both countries in London, Sabic CEO Yousef
Arab News
30/01/2018
Sabic has posted a net profit of SR3.67 billion ($977 million) for the fourth quarter of 2017 compared to SR4.51 billion for the same quarter in 2016, reflecting a decrease of 18.63 per cent.
Trade Arabia
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News