According to the company’s website news release on November 27, 2022, SABIC, a global leader in diversified chemicals, announced on Wednesday its intention to study the establishment of a complex to convert oil and liquids into petrochemicals in Ras Al-Khair in the Kingdom of Saudi Arabia.
The complex is expected to convert 400,000 barrels per day of oil into chemicals.
This project, which is part of SABIC's strategic growth plans, will contribute to the realization of the Kingdom’s program to convert oil and its liquids into chemicals.
Reflecting on this announcement, Eng. Abdulrahman Al-Fageeh, SABIC (A) CEO, said that “SABIC will start studying the project in cooperation with the Saudi Ministry of Energy and Saudi Aramco, to achieve the desired goal of maximizing the benefits of the hydrocarbon resources for the company's shareholders, strengthening SABIC’s global position, developing its human capabilities, preserving its technical know-how, supporting its customers locally and globally, and contributing to achieving the goals of Saudi Vision 2030.”
SABIC also affirmed its commitment to continue developing crude oil to chemicals technologies, which contributes to increasing cost efficiencies and value creation opportunities in the energy and petrochemicals industry on a larger scale.
