Saudi Aramco and SABIC announced on Tuesday the signing of heads of agreement to conduct a joint feasibility study on a fully integrated crude oil-to-chemicals complex. The heads of agreement also contains key principles of cooperation that will form the basis for the companies to establish a joint venture.The prospect of a fully integrated crude oil-to-chemicals complex in the Kingdom of Saudi Arabia will support both SABIC's growth strategy and Saudi Arabia's Vision 2030, and further enhance the relationship between Saudi Aramco and SABIC, SABIC's Chairman said.
Prince Saud bin Abdullah bin Thenayan Al-Saud, who is also the Chairman of the Royal Commission for Jubail and Yanbu, said: "The agreement compliments our growth strategy to become the preferred world leader in chemicals, supports our leadership's vision for Saudi Arabia to be a pioneering and successful global model of excellence, and enhances the historically strong relationship between Saudi Aramco and SABIC."
He added, "SABIC's 2025 strategy is a map that shows us how to become more global, more distinctive in our product offering, and more integrated in our operations. This announcement is another major step toward achieving this goal; this project will positively reflect on the local market through creating more business opportunities, high-value job creation, and technological innovation. By working together, Saudi Aramco and SABIC are supporting the Kingdom's economic transformation and creating 'Chemistry that Matters' for future generations."
