The Clap
Saudi Energy Minister Prince Abdulaziz bin Salman revealed SABIC’s (2010) intention to kick off the first project in KSA to convert crude oil into petrochemicals in cooperation with Saudi Aramco (2222).
What
The multi-billion dollar project will be the world’s largest crude-to-chemicals facility and the first of its kind in Saudi Arabia.
The project is in line with the country’s efforts to diversify the economy’s resources, which currently depend heavily on the export of crude oil.
So What
The Minister of Energy said that the petrochemical sector is witnessing growing demand globally and that KSA is currently the fourth-largest global producer of petrochemicals.
He added that the country’s energy system is working on the optimal use of hydrocarbon resources, in addition to providing more opportunities to benefit from petroleum extracts in the production of petrochemicals.
Now What
This project is part of SABIC’s growth plan and contributes to Saudi Arabia’s program to convert oil and its extracts into chemicals.
