Major petrochemicals producer Saudi Basic Industries Corp (SABIC) has agreed with national oil giant Saudi Aramco to conduct a joint feasibility study on a proposed oil-to-chemicals project, SABIC said on Tuesday.
SABIC had previously revealed plans for the proposed project in May. It has said the complex, at the Red Sea city of Yanbu, could cost as much as $30 billion, processing petrochemicals directly from crude oil instead of first refining the oil into products such as naphtha.
It would be the first time that the two companies teamed up on a major project in Saudi Arabia. SABIC did not say when the feasibility study might be completed.
By Hadeel Al Sayegh
LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]
LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]
LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]