SABIC mulls deal with Saudi Aramco

14-Jan-08

Saudi Basic Industries Corp. (SABIC) is considering a deal with state-oil company Saudi Aramco to upgrade a Red Sea Coast refinery and a build a petrochemicals complex. A deal would give SABIC access to Aramco feedstock and allow the state oil firm to press on with plans to develop its Yanbu project without a foreign partner. The Yanbu venture is one of three refinery and petrochemical plants belonging to Aramco, the world's largest oil company by production. The other two, Rabigh and Ras Tanura, are joint ventures with Japan's Sumitomo Chemical Co. Ltd. and USA's Dow Chemical Co.