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Saudi Basic Industries Corporation is planning to set up a plant to convert crude oil into petrochemicals, capitalising on growing demand. The crude-to-chemicals complex in Ras Al Khair, in the east of Saudi Arabia, is expected to convert 400,000 barrels per day of oil into chemicals, the company said in a statement on Thursday to the Tadawul stock exchange, where its shares are traded. Sabic is the Middle East’s biggest petrochemicals producer. The latest project, part of its strategic growth plans, will help to expand the manufacturing of petrochemicals in the kingdom, the company said. Top crude exporter Saudi Aramco , which owns a 70 per cent stake in Sabic, has been investing billions of dollars in downstream projects to extract more value from its crude oil output. Last week, Aramco said it would build a $7 billion refinery-integrated petrochemical steam cracker in South Korea through its S-Oil unit. The steam cracker, which will convert crude oil into petrochemical feedstock, is expected to produce up to 3.2 million tonnes of petrochemicals annually and include capacity to produce high-value polymers. The petrochemicals industry is expected to be a major driver of crude oil demand in the next few decades as […]
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