Saudi Aramco, SABIC to wrap up JV study by mid-2017

The Saudi Arabian Oil Company’s (Saudi Aramco) feasibility study to jointly develop an oil-to-chemicals complex with SABIC will conclude by the second quarter of 2017, Amin Nasser, chief executive of the oil giant, told Al Arabiya.

If proven feasible, the project would be the largest of its kind in the world, Nasser said.

Aramco is planning to diversify its business by launching petrochemicals projects in several countries, in addition to Saudi Arabia, while seeking growth promoting key partnerships, he added.

The oil-to-chemicals complex could cost as much as $30 billion, SABIC said earlier this year. The project will process petrochemicals directly from crude oil without first refining the oil into another product.

As many as 100,000 jobs may be created directly and indirectly by the scheme, industry experts said.