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.
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