Saudi Aramco, SABIC to conduct feasibility study for fully integrated crude oil-to-chemicals complex

29-Jun-16

Saudi Aramco has inked an agreement with Saudi Basic Industries Corp (SABIC), to conduct a feasibility study on the development of a fully integrated crude oil-to-chemicals complex in the Red Sea city of Yanbu, Saudi Arabia. The agreement contains principles of cooperation that will form the basis of a joint venture if the study reaches a positive conclusion.
The project is in line with the nations's Vision 2030 plan that aims to wean the kingdom off oil, which remains its main revenue source despite a 50% fall in global prices since 2014.