Saudi Arabia’s respective oil and petrochemicals giants Aramco and Sabic have signed a heads of agreement (HoA) to study the feasibility of developing an oil-to-chemicals complex. The companies say the agreement sets out the principles for establishing a joint venture project if the study “reaches a positive conclusion.”

The two companies say their oil-to-chemicals process will involve innovative configurations of proven conversion technologies to create “a fully integrated petrochemical complex which maximizes chemicals yield, transforms and recycles by-products” while bringing economies of scale and diversifying the kingdom’s petrochemicals feedstock mix. (CONTINUED - 771 WORDS)