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Saudi state petrochemicals giant SABIC has plans to build the world’s first oil-to-chemicals (OTC) plant. SABIC chief executive Mohamed al-Mady says “the OTC complex will set a new competitive standard, and establish Saudi Arabia as a technology leader in the petrochemical industry. OTC technology allows for the conversion of crude oil to petrochemicals products…in a competitive and sustainable way.”
Confirming the plan on 14 May, SABIC chairman Prince Saud bin Abdullah bin Thenayan Al-Saud said SABIC is in the final stages of a study for the construction of the OTC complex. SABIC says the innovative plant will process around 200,000 b/d of crude oil to “generate the world’s highest yield conversion of oil to chemicals.” (CONTINUED - 274 WORDS)