State-owned Saudi Aramco and Saudi Basic Industries Corp (SABIC) on Thursday have awarded US engineering company KBR a contract for their crude oil-to-chemicals complex, official news agency SPA reported.
The contract covers finalization of the project scope, selection of technology providers, update on project economics, and performance of front-end engineering and design (FEED).
“The acceleration of the project’s milestones signifies the determination of the joint venture partners to achieve the project objectives along with Saudi Arabia’s vision of economic diversification, to which this project is a significant contributor,” Yousef Al-Benyan, SABIC Vice-Chairman and chief executive officer, said.
In November 2017, the major oil producer and SABIC inked a memorandum of understanding to assist in bringing the giga-project to its next stage of development, Argaam reported.
The integrated complex, which is set to begin operations in 2025, will process around 400,000 barrels per day of oil that would be turned into around 9 million tons of chemicals and base oils annually.
Comments
{{DisplayName}}
{{ElapsedTime}}