Saudi Aramco and Saudi Arabian Basic Industries Corporation declared an agreement to carry out a feasibility study, due early next year, of a massive plant to convert crude oil into feedstock for chemical production.
As per the report,the plant would be erect in the western coastal city of Yanbu. The project could bolster the country's chemical industry at a time when the government is looking for to modernize its economy.
Aramco and SABIC are also looking for a joint investment in the country's shale gas operations.
