Saudi Aramco, SABIC plans joint venture for oil-to-chemicals project
The $20 billion plus project, known as COTC, was announced in line with the Saudi government’s Vision 2030 targets to provide new opportunities for downstream industry in Saudi Arabia. It is the first major scheme involving the two state giants.
Accordingly, the two companies signed an agreement to conduct a feasibility study on the petrochemicals complex last year. Saudi Aramco, meanwhile, has reportedly stated that the feasibility phase was completed while a memorandum of understanding is expected to be signed between the two partners in mid-November to proceed with the project.
The project reportedly started receiving bids for the project management consultancy including pre-FEED and FEED. The contract is expected to be awarded by early 2018 while the complex is expected to be commissioned by the end of 2024.
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