Published on November 30, 2017
Recently Saudi Aramco signed a deal of 20 billion dollar joint venture for a crude oil-to-chemicals complex in Saudi Arabia. Aramco and Saudi Arabia’s chemicals company SABIC signed a memorandum of understanding to develop a fully-integrated crude oil to chemicals (COTC) complex in Saudi Arabia, planned to process 400,000 bpd of crude oil. Start-up of operations is expected in 2025 and the complex is expected to produce some 9 million tons of chemicals and base oils per year. Aramco will be looking to expand into petrochemicals because the demand in the sector is twice as much as in the transportation sector, the chief executive of the Saudi oil giant said.
