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Saudi Aramco, petrochemical partner to develop crude-oil-to-chemicals project

State oil giant Saudi Arabian Oil Co. and petrochemical producer Saudi Basic Industries Corp. signed a memorandum of understanding to develop a fully integrated crude-oil-to-chemicals complex in Saudi Arabia, according to a Nov. 26 news release.

The complex, which is projected to process 400,000 bbl/d to make approximately 9 million tons of chemicals and base oils each year, is expected to start operations by 2025. It is also estimated to create 30,000 direct and indirect jobs as well as have a 1.5% impact on Saudi Arabia's gross domestic product by 2030, with investments being shared equally by both companies, the release said.

The memorandum, which governs the execution of the front-end engineering design before a final investment decision is made, follows the heads of agreement signed on June 2016 that oversaw the feasibility study for the development of a fully integrated petrochemicals complex.