SABIC expects high gains from oil-to-chemicals project

Prince Saud Bin Thunayan, Chairman of the Royal Commission for Jubail and Yanbu and SABIC’s chairman, said that building an integrated oil-to-chemicals plant will help support the company’s development strategy to contribute to Saudi Vision 2030.

The project will also boost cooperation between the petrochemical giant and Saudi Arabian Oil Co. (Saudi Aramco), he was quoted as saying by the Saudi state news agency.

His comments came after both companies inked an agreement on Tuesday for a joint study to develop a fully integrated oil-to-chemicals complex that would produce petrochemicals directly from crude oil.

The agreement is inline with SABIC’s strategy 2025, which is aimed at boosting global presence and providing more distinguished products, the chairman said.

The new project is seen to create more job opportunities, Al-Thunayan added.