RIYADH, Dec. 20 (Xinhua) -- Saudi Basic Industries Corporation (SABIC) announced on Tuesday the signing of a memorandum of understanding with Saudi Aramco and China Petroleum & Chemical Corporation over conducting a feasibility study on developing a petrochemical industrial complex.
The complex will be developed in cooperation with an existing refinery at the Yanbu Industrial City, the Saudi Press Agency reported.
"We always seek to use the latest innovations and technologies to enhance our leading global positions in the petrochemicals field," SABIC acting Chief Executive Officer Abdulrahman Al-Fageeh was quoted as saying.
The project is an integral part of a program to convert oil liquids into chemicals, which is part of Saudi Arabia's national strategic plan seeking to realize industrial and economic diversity, and improve economic welfare in the kingdom, he added.
The partnership is in line with SABIC's expansion plans to support the oil-rich kingdom's strategy to convert about 4 million barrels of crude oil liquids into chemicals every day, according to the report.
