Saudi Aramco and Sumitomo Chemical have issued letters of intent to at least two contractors who submitted the lowest bids to expand a petrochemical complex in Saudi Arabia, moving a step closer to a decision on whether to proceed with the major project, industry sources tell Reuters. The UK’s Petrofac and South Korea’s GS Engineering and Construction were picked among contractors to be part of building the 2^nd phase of the already operational complex in Rabigh on the Red Sea coast. The Rabigh 2 project is part of Saudi Aramco’s plans to become an energy firm focusing on chemicals, unconventional gas and renewables, to diversify its business from oil alone.