Saudi Aramco to set up new chemicals unit

18/05/2017 Argaam

Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest crude exporter, plans to set up a new chemicals unit, the company said in its official magazine, The Arabian Sun.

 

The magazine didn’t give any other details.

 

The oil giant is planning to develop an oil /chemicals project with Saudi Basic Industries Corp (SABIC) that is expected to cost around SAR 75 billion.

 

Saudi Aramco also aims to triple its chemicals production to 34 million mtpa by 2030.

 

Aramco's board met last week in Shanghai to discuss the company's plans and appointed a new downstream head as well as several vice presidents in other key positions.

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