Saudi Aramco acquires 70% majority stake in SABIC
Advancing its integrated refining and petrochemicals business, Aramco gains access to SABIC’s 62 million tpy petrochemicals capacity.
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The 50:50 joint venture plans to invest around US$1 billion over the next six years in the Saudi fuel retail market.
The signing took place on the sideline of the inauguration ceremony of the National Industrial Development & Logistics Program (NIDLP).
The technology has the potential to convert more than 60% of a barrel of crude oil into chemicals.
Saudi Aramco and Air Products will establish a pilot fleet of fuel cell vehicles for which high-purity compressed hydrogen will be dispensed at the new fuelling station.
Additional funding supports widespread distributed security enforcement.
The JV company will market and provide integrated defensive cybersecurity software and hardware capabilities, and perform research and development activities.
The King Salman Energy Park will target exploration, production, refining, petrochemicals, conventional power and water production and treatment.
Amin H. Nasser told delegates that the company’s objective is to bring its downstream business to the same level as its upstream.
Agreements take the total 2019 COSA volume to 1.67 million bpd, the largest in China’s history.
