MOSCOW (MRC) -- On 28 January, SABIC signed a Letter of Intent with Saudi Aramco to discuss the development of a downstream industrial and logistics park in Yanbu, as per Hydrocarbon Engineering.
The signing took place on the sideline of the inauguration ceremony of the National Industrial Development & Logistics Program (NIDLP).
The companies previously selected Yanbu as the location for their upcoming crude-oil-to-chemicals complex, a joint venture between SABIC and Saudi Aramco.
The programme, which is one of 13 programmes meant to enable ‘Saudi 2030 vision’, aims to increase growth and integration among four major sectors of Saudi Arabia’s economy: industry, mining, energy and logistics.
As MRC informed before, in March 2018, Wood was selected to develop the world's largest fully integrated crude oil to chemicals (COTC) complex in the Kingdom of Saudi Arabia, on behalf of Saudi Aramco and SABIC as the first PMC contractor
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco"s value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.
Saudi Basic Industries Corporation (Sabic) ranks among the world's top petrochemical companies. The company is among the world's market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.