Saudi Aramco and SABIC sign MoU on developing COTC complex
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 newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Initial ABS prices for July see larger increases than PS in Europe
- Supply constraints spark stronger PE trend than PP in global markets
- ABS, PS uptrend falters in China after H1 2020 ends at multi-month highs
- Stats: China’s total PP imports spike in May; Vietnam and India’s rising shares shine out
- Tight supply drives HDPE, LLDPE gains in Southeast Asia
- European PE markets set for 2nd bullish month on rising costs
- Turkey’s PP and PE markets propelled to a firm start to H2 despite vulnerable conditions
- Asian PVC sees V-shaped recovery in Q2, what will Q3 bring?
- Will capacity additions cast cloud on ethylene upsurge in Asia?
- US PVC offers in Egypt rise steadily but resistance grows in tandem