The Clap
SABIC (2010) signed an MoU with Saudi Aramco (2222) and Chinese oil and chemicals “Sinopec” to study the economic and technical feasibility of developing an industrial complex for petrochemicals, in integration with one of the local refineries in Yanbu Industrial City.
What
The MoU will last for 18 months, as per its terms.
SABIC has completed a study of the integration of the Aramco refineries in the city of Yanbu with an industrial complex containing a poly-feed olefin cracker and other derivative units.
So What
In October 2020, SABIC revealed the expansion of the oil-to-chemicals project with Aramco through the development of technology to convert crude oil into chemicals
The company also planned to integrate some joint projects with Aramco around the world.
Now What
SABIC will distribute SAR 6bn in cash dividends over 3 billion shares to shareholders for H2 2022.
