Saudi Arabian Oil Co. (Saudi Aramco), through its wholly-owned subsidiary Saudi Aramco Technologies, has inked an agreement to scale up and commercialize its thermal crude to chemicals (TC2C) technology, the oil giant said in a statement.
The three-party joint development agreement (JDA) was signed with the US-based CB&I, a technology and infrastructure provider for the energy industry, and Chevron Lummus Global (CLG), a joint venture between CB&I and Chevron USA.
The technology has been developed at Saudi Aramco’s Research & Development Center over the past few years in order to enable higher chemicals yield, the statement said.
“Today’s Joint Development Agreement with CB&I and CLG is a technological first which will position Saudi Aramco to maximize the value of each barrel of crude oil it produces in the near future,” said Saudi Aramco president and CEO Amin Nasser.
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