Riyadh – Mubasher: Engineering and purchasing works in Saudi Aramco and the Saudi Basic Industries Corp (SABIC) joint venture (JV) will start in the fourth quarter of 2019, and the whole JV will be completed in the beginning of 2025, Aramco CEO Amin Nasser.
After completing the JV’s feasibility study, the second phase will begin by establishing its initial engineering design, Al Arabiya reported, citing Nasser as saying.
The JV aims to convert crude oil to chemicals in Saudi Arabia.
The JV will process about 400,000 barrels of Arab Light Oil, which will allow to produce about 9 million tonnes of chemicals per year, and about 200,000 barrels per day (bpd) of diesel.
Earlier on Sunday, Aramco and SABIC signed a memorandum of understanding (MoU) to establish a complex to convert crude oil to chemicals in the Kingdom.
In June 2016, the two firms agreed to conduct a feasibility study for the JV that industry sources have estimated would cost around $25 billion to build.
