Saudi Aramco inks $10 bln MoUs with Technip, Honeywell

08/04/2018 Argaam

 

State-run Saudi Aramco's US subsidiary Motiva Enterprises signed on Saturday two memorandums of understanding (MOUs) with Technip FMC and Honeywell UOP at a total value between $8 billion and $10 billion.

 

The preliminary agreements were concluded during the visit of Saudi Crown Prince Mohammed bin Salman to the US, the major oil producer said in a statement.

 

The first MoU helps Motiva evaluate using TechnipFMC plc’s world scale mixed-feed ethylene production technologies in the US.

 

The second deal will enable Saudi Aramco's wholly-owned downstream oil and gas subsidiary to test Honeywell's technology to extract aromatics for producing benzene and paraxylene, so as to set up a petrochemical complex on the US Gulf coast.

 

"The MOUs are a first step in Motiva’s expansion into petrochemicals. Final investment decisions on these projects are not expected to be made until 2019 and are dependent on strong economics, competitive incentives, and regulatory support, Saudi Aramco added.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.