According to the company’s website news release on December 19, 2022, SABIC, a global leader in diversified chemicals, announced on the signing of a Memorandum of Understanding on December 15 with Aramco and China Petrochemical Corporation (Sinopec) for an economic and technical feasibility study to develop an integrated petrochemical complex with an existing refinery in Yanbu, Saudi Arabia.
Abdulrahman Al-Fageeh, SABIC CEO (A), said, “SABIC is always looking to utilize cutting edge innovation, technologies and solutions to further strengthen our leading position in the global petrochemical industry. This project is an important milestone in the realization of Crude oil-to-Chemicals. It forms a key part in the strategic diversification of the Kingdom’s industries and economy to achieve greater economic prosperity.”
The partnership falls in line with SABIC’s growth strategy which supports the Kingdom’s overall strategy to convert around 4 million barrels per day of crude oil to chemicals.
