Saudi Aramco and SABIC sign MoU on developing COTC complex
by ChemOrbis Editorial Team - content@chemorbis.com
Saudi Aramco and SABIC are both advancing their plans to develop a fully integrated crude oil to chemicals (COTC) complex by 2025, the media reported.
According to a press release on the company’s website, Saudi Aramco has signed a memorandum of understanding with SABIC to perform the FEED phase of the integrated 400,000 barrels/day COTC complex. However, a final investment decision was still yet to be made at the time of publication.
The new MoU followed the agreement signed between the two companies in 2016 on conducting a feasibility study for developing the project.
The new agreement also marked the first time the two oil giants of Saudi Arabia had entered into a strategic partnership.
The 9 million tons/year complex is expected to become the largest crude oil to chemicals complex upon its start-up.
According to a press release on the company’s website, Saudi Aramco has signed a memorandum of understanding with SABIC to perform the FEED phase of the integrated 400,000 barrels/day COTC complex. However, a final investment decision was still yet to be made at the time of publication.
The new MoU followed the agreement signed between the two companies in 2016 on conducting a feasibility study for developing the project.
The new agreement also marked the first time the two oil giants of Saudi Arabia had entered into a strategic partnership.
The 9 million tons/year complex is expected to become the largest crude oil to chemicals complex upon its start-up.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- European PP hits new highs after 3-digit hikes for January
- Turkey’s PP, PE markets open 2021 with supply-driven hikes
- Vietnam’s local homo-PP market retreats for 3rd week on subdued demand
- China’s PE demand wavers amid controls on environmental pollution and electricity use
- January trend takes shape in Egypt’s PP, PE markets
- Stats: Turkey’s 2020 polymer imports set to beat the 2017 record
- China PP, PE markets close 2020 on a soft note; SE Asia feels pressure
- Stats: China’s total PE imports down for 2nd month in November
- Egypt PET markets poised to end the year on a strong note
- China ABS prices move below SEA after 8 months
