Oil-to-chemicals complex planned in Yanb, Saudi Arabia

06-Mar-14

Saudi Arabia plans to build a plant able to turn crude directly into chemicals, without first having to refine the oil, in conjunction with Saudi Basic Industries Corp. (SABIC). Development of the Saudi petrochemical sector is part of Riyadh’s strategy for diversifying the economy away from heavy dependence on crude export revenues. ExxonMobil started up the world’s first plant that processes crude oil into chemicals in Singapore last year.