Sinopec, Aramco, and SABIC sign MoU for a petrochemical project in Saudi Arabia

Sinopec, Aramco, and SABIC sign MoU for a petrochemical project in Saudi Arabia

Sinopec, China Petroleum and Chemical Corporation, Aramco, The Saudi Arabian Oil Company, and SABIC, signed an MoU to study the economic and technical feasibility of developing a new petrochemical complex to be integrated with an existing refinery in Yanbu, Saudi Arabia.

Aramco and Sinopec signed the agreement for a greenfield project which plans to include a 320,000 barrels-per-day refinery and a 1.5 million tons-per-year petrochemical cracker complex. It is expected to commence operations by the end of 2025.

“These projects represent an opportunity to contribute to a modern, efficient, and integrated downstream sector in both China and Saudi Arabia. They also underpin our long-term commitment to remain a reliable supplier of energy and chemicals to Asia’s largest economy,” Mohammed Y. Al Qahtani, Aramco Senior Vice President of Downstream, said.

This comes in line with Aramco’s role as a reliable energy supplier to China as the company seeks to expand its liquids to chemicals capacity to up to 4 million barrels per day by 2030.

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