Saudi Basic Industries Corp. (SABIC), is planning to start a joint project with Saudi Aramco to convert crude into petrochemicals, the Kingdom's Energy Minister Prince Abdulaziz bin Salman revealed, as reported by Arab News.
With a capacity of 400,000 barrels of crude per day, Saudi Arabia’s first-of-its-kind project is set to come up in Ras Al-Khair, he added.
Together with SABIC, Aramco has been working to commercialize crude to chemicals technologies as part of the strategy to position itself as a preeminent player in the global petrochemicals industry.
Both firms already entered into a similar partnership in 2018 to develop an integrated industrial complex to convert crude oil to chemicals in Yanbu, on the west coast of Saudi Arabia.
The complex was projected to process 400,000 barrels per day of crude oil, producing around 9 million tons of chemicals and base oils annually, and it is expected to start operations in 2025.