01 May 2016

Saudi Aramco and Saudi Basic Industries Corporation (Sabic) are considering a new joint refinery in Yanbu on the Red Sea coast to produce chemical products from crude oil, a report said.

“This move is long overdue given that both companies are operating and competing in the same markets,” Mohamed Ramady, a London-based energy analyst, was quoted as saying in the Bloomberg report.

“Sabic and Aramco cooperation will ensure that both companies will avoid duplication of projects in this period of Saudi economic rationalisation and cost effectiveness.”

Saudi Aramco and Sabic had been working separately on projects to produce chemicals directly from crude oil without the need to have separate refineries.

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