Riyadh-Mubasher: Saudi Basic Industries Corp. (SABIC) will sign heads of agreement (HOA) with Saudi Arabian Oil Co. (Saudi Aramco) on Tuesday to conduct a joint study on an oil-to-chemicals project to be located in Saudi Arabia.
The state-owned companies entered into the agreement after SABIC’s preliminary study of oil-to-chemicals projects.
The agreement reflects SABIC’s intention to develop investment opportunities, thus achieving its strategic goals. However, the joint study would not have a significant financial effect on the company.
