Saudi Basic Industries Corp. (SABIC) and its partner Saudi Arabian Oil Co. (Saudi Aramco) expect to announce whether they will proceed with their joint crude oil to chemicals (COTC) project in the second quarter of 2020, SABIC’s CEO Yousef Al-Benyan said.
The partners are currently studying the project, evaluating market risks, technical capabilities and costs, he added.
SABIC is looking for acquisitions but hasn’t reached a deal yet, Al Beyan said, adding that the company does not have immediate plans to raise funds.
The giant petrochemical producer would probably do it, if it had to do any acquisitions or projects.
Both companies are studying setting up the Kingdom’s first complex to convert crude oil to chemicals directly without the need for refining, according to data compiled by Argaam.
In June 2016, Aramco and SABIC signed an initial agreement to discuss the development of the complex.
Later, on March 27, 2019, Saudi Aramco signed an agreement to acquire the Public Investment Fund’s (PIF) 70% stake in SABIC for a value of $ 69.1 billion or SAR 259.1 billion.
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