State-run Saudi Aramco and Saudi Basic Industries Corp (SABIC) on Thursday said their planned integrated industrial complex to convert crude oil to chemicals (COTC) will be built in Yanbu, on the west coast of Saudi Arabia.
The facility is expected to process 400,000 barrels per day (bbl) of crude oil, which will produce around nine million tons of chemicals and base oils annually, the major oil producer said in a statement.
Operations are scheduled to begin in 2025, the statement said.
The project is likely to provide nearly 30,000 direct and indirect jobs, further stimulating the Kingdom’s economic diversification efforts.
“By 2030 the COTC complex is expected to have 1.5 percent impact on the Kingdom’s Gross Domestic Product (GDP), with investments being shared equally by both companies” Saudi Aramco added.
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