Saudi Basic Industries Corporation (SABIC) announces that it has signed a Memorandum of Understanding (MOU) with Saudi Arabian Oil Company (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) for a Petrochemical Complex located in Yanbu, Saudi Arabia.
As part of the MOU, the firm will perform economic and technical feasibility study to develop an integrated petrochemical complex with an existing refinery in Yanbu.
The duration of the MOU is 18 months.
Additionally, Aramco and Sinopec, have signed heads of agreement for a greenfield project in Gulei, Fujian Province, which plans to include a 320,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker complex. It is expected to commence operations by the end of 2025.
Earlier, Saudi Aramco and TotalEnergies announced that they have taken the final investment decision for the construction of a world scale petrochemical facility in Jubail Saudi Arabia. The project alone represents an investment of around $11 billion.
