The proposed plant would use a crude oil-to-chemicals process derived from improved refining technology that mixes innovative configurations with proven conversion technologies to create an integrated petrochemical complex capable of maximizing chemical yield, transforming and recycling byproducts, driving efficiencies of scale and resource optimization, and diversifying Saudi Arabia’s petrochemical feedstock mix, the companies said.
Pending a positive outcome of the study, Aramco and SABIC plan to establish a joint venture to advance the project, which if approved, would fulfill Saudi Vision 2030 goals for the downstream sector (OGJ Online, June 1, 2016).
The companies did not disclose further details regarding the proposed project.
Announcement of the joint study follows a May 21 joint release from Aramco and SABIC quashing speculative news reports that the companies were planning to merge their petrochemicals businesses.
While the companies clarified they had no intention to pursue a merger, they did confirm they would continue to explore partnership opportunities that would help to expand and diversify Saudi Arabia’s economy.
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