Advanced to operate associated gas supply pipeline from Nov. 3

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In a filing to Tadawul, the company said the project will boost operational efficiency and maximize the benefit from associated gases after converting them into value-added chemicals. In addition, it will contribute to the development of the local economy.

The financial impact is expected to be reflected in Q4 2024 financials, based on the prevailing prices of associated materials.

Advanced noted that it successfully developed this innovative project in cooperation with United, an affiliate of Saudi Basic Industries Corp. (SABIC), to achieve industrial integration with national companies. The project will contribute to enhancing the efficiency of natural resource utilization, including energy and feedstock. Additionally, it will support integrated projects in Jubail Industrial City and the adoption of the circular carbon economy concept.

The petrochemical producer seeks to continue exploring such collaborative opportunities with local companies to maximize the value of products associated with operations, as well as enhance opportunities for cooperation between industrial companies. The company also aims to raise operational efficiency in Jubail Industrial City and support its initiatives towards its environmental, social and governance strategy.

In March 2023, Advanced awarded Gas Arabian Services Co. (GAS) an engineering, procurement and construction (EPC) contract, at a total value of SAR 50.98 million, excluding VAT. Under the contract, GAS will set up a pipeline to transfer the associated gas, containing high value chemicals, from Advanced to United, according to data available with Argaam.