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Saudi Basic Industries Corp. has signed a memorandum of understanding with energy giant Saudi Aramco and China Petroleum & Chemical Corp., known as Sinopec, to assess the economic and technical feasibility of developing an integrated petrochemical complex with an existing refinery in Yanbu. Apart from the deal with SABIC, Sinopec, in December, also signed a framework agreement with Saudi Aramco to build a Phase II 16 million-ton-a-year refining project and 1.5 million-ton-year ethylene units in Gulei, Fujian. Aramco said the announcements support its role as a reliable energy supplier to China as the company seeks to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030.

SABIC, Aramco, Sinopec To Assess Viability Of Developing Petrochemical Complex

Saudi Basic Industries Corp. has signed a memorandum of understanding with energy giant Saudi Aramco and China Petroleum & Chemical Corp., known as Sinopec, to assess the economic and technical feasibility of developing an integrated petrochemical complex with an existing refinery in Yanbu. Apart from the deal with SABIC, Sinopec, in December, also signed a framework agreement with Saudi Aramco to build a Phase II 16 million-ton-a-year refining project and 1.5 million-ton-year ethylene units in Gulei, Fujian. Aramco said the announcements support its role as a reliable energy supplier to China as the company seeks to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030.

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