Saudi Basic Industries Corporation (SABIC) has signed a Memorandum of Understanding (MoU) with Saudi Aramco and China Oil and Chemical Company (Sinopec) to study the economic and technical feasibility of developing a petrochemical industrial complex in integration with a local refinery in Yanbu Industrial City.
The company explained in a statement on Tadawul that the duration of the memorandum is 18 months.
In a separate statement on Tadawul, SABIC announced that it has completed the study of integrating Saudi Aramco's refineries in Yanbu with an industrial complex containing a multi-feedstock olefins cracker and other olefins cracking unit, and its intention to sign a memorandum of understanding with Saudi Aramco and the Chinese Oil and Chemical Company Sinopec to study the economic and technical feasibility of developing an industrial petrochemical complex in integration with a local refinery in Yanbu Industrial City.
According to data available on Argaam, in October 2020, SABIC announced the expansion of its oil-to-chemicals project with Saudi Aramco through the further development of crude oil-to-chemicals technologies and through integration into some of the two companies' joint ventures around the world.
Accordingly, the two parties intend to re-evaluate the development of an industrial complex to convert crude oil into chemicals, by studying the integration of Saudi Aramco's refineries in Yanbu with an industrial complex containing a polyfeedstock olefins cracker and other olefins cracking units.
