Saudi Aramco to sign chemicals project MOU with SABIC

Saudi Aramco expects soon to sign a memorandum of understanding with Saudi Basic Industries Corp for a joint oil-to-chemicals project, chief executive Amin Nasser has been reported by Reuters. SABIC has previously said the proposed project could cost as much as US$30 bln, processing petrochemicals directly from crude oil instead of first refining the oil into products such as naphtha. "It makes absolute sense as Aramco is specialized in oil and refining, and SABIC in petrochemicals,” said one industry source familiar with the project. Aramco's participation could benefit SABIC by giving it better access to funding as well as assistance in marketing products, said Mazen al-Sudairi, head of research at Al-Istithmar Capital. "The change in feedstock prices prompted SABIC to change strategy - they want to produce specialty products - and with Aramco possibly joining them as an investor, it will open a big door for them," he said. Foundation stone laid for CIPET at Baddi Union Minister for Chemicals and Fertilisers Ananth Kumar haslaid the foundation stone of the much-awaited central institute of plastic engineering and technology (CIPET) at Baddi. The Rs 40-crore institute is being set up by Chennai-based CIPET which functions under the Ministry of Chemicals and Fertilisers. GS Bali, Minister for Technical Education, said the institute would offer various job-oriented courses to students and this would generate jobs for the youth. The state government has provided 33.19 bighas on lease at Sandholi in the Baddi industrial area to construct the main campus of the institute. A temporary campus has already been running from the building of Baddi Technical Training Institute and various courses, including injection moulding and plastic processing, have been started. CIPET management was keen to begin short-term courses spanning 800 to 1,200 hours so that the institute could draw adequate strength once it was set up. “With the use of plastic catching on and replacing other materials, such as glass, the industry managements have been on the lookout for trained manpower in this field. Since the state has nearly 650 pharma companies, the short-term courses will help provide trained manpower to the industry and generate jobs,” said Rajeshwar Goyal, Director, Technical Education. Directorate of Technical Education is facilitating the setting up of the institute and it has provided key support like space for temporary campus, land lease modalities, etc. The institute offers masters of technology course with specialisation in plastics engineering/ technology, polymer nano technology and master of engineering in CAD/CAM, bachelor of technology in plastics engineering, postgraduate diploma in plastics processing and testing, diploma course with specialisation in plastics mould technology and plastics technology.