Saudi Aramco And SABIC Sign Oil-To-Chemicals Project Deal

Reuters

RIYADH, June 28 (Reuters) - Saudi Aramco has agreed a deal with Saudi Basic Industries Corp (SABIC) to set up a joint oil-to-chemicals project in the Red Sea city of Yanbu, Aramco's chief executive Amin Nasser said on Tuesday.

SABIC has previously said the proposed project could cost as much as $30 billion and would process petrochemicals directly from crude oil instead of first refining the oil into products such as naphtha.

It is the first time the two companies have teamed up to build a joint project in Saudi Arabia.

(Reporting by Katie Paul, editing by Louise Heavens)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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