SABIC Acting CEO says JV with Aramco, Sinopec important part of oil-to-chemicals conversion program

SABIC's Acting CEO Abdulrahman Al-Fageeh

Saudi Basic Industries Corp.'s (SABIC) project to develop a petrochemical industrial complex, for which a memorandum of understanding (MoU) was signed with Saudi Aramco and China Petroleum & Chemical Corporation (Sinopec), is an important part of the oil-to-chemicals conversion program, Saudi Press Agency reported, citing SABIC's Acting CEO Abdulrahman Al-Fageeh.

He added that converting oil to chemicals comes within the strategic national direction aimed at achieving the industrial and economic diversification as well as enhancing economic prosperity in the Kingdom.

This partnership comes in line with SABIC's expansion plans that are aimed at supporting the Kingdom's strategy to convert nearly four million barrels per day (bpd) of crude oil into chemicals, Al-Fageeh noted.

He added that the company always seeks to use the latest innovations and technologies to enhance its global leadership position in the field of petrochemicals.

SABIC has recently signed a MoU with Saudi Aramco and Sinopec to assess the economic and technical feasibility of developing an integrated petrochemical complex with a local refinery in Yanbu Industrial City, according to data available with Argaam.