{"id":1962,"date":"2017-11-27T21:15:08","date_gmt":"2017-11-27T22:15:08","guid":{"rendered":"http:\/\/madaresharghi.com\/s-arabia-will-build-20b-oil-to-chemicals-complex\/"},"modified":"2017-11-27T21:15:08","modified_gmt":"2017-11-27T22:15:08","slug":"s-arabia-will-build-20b-oil-to-chemicals-complex","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/s-arabia-will-build-20b-oil-to-chemicals-complex\/","title":{"rendered":"S. Arabia Will Build $20b Oil-to-Chemicals Complex"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tState oil giant Saudi Aramco and petrochemical producer Saudi Basic Industries Corp signed a memorandum of understanding on Sunday to build a $20 billion complex converting crude oil to chemicals in the kingdom.<br \/> \tThe project, which the partners said would be the largest crude-to-chemicals facility in the world, is a sign that the Saudi government plans to spend heavily on diversifying the economy beyond crude oil exports, Reuters reported.<br \/> \tPrivate sector investment has slowed in the last few years because of low oil prices and government austerity policies, so Riyadh aims to invest billions of dollars on developing value-added manufacturing industries such as chemicals, as well as service industries like tourism.<br \/> \tAramco Chief Executive Amin Nasser told reporters that a final decision on whether to go ahead with the crude-to-chemicals project would be made by the end of 2019.<br \/> \tThe company was tentatively looking at the Red Sea port city of Yanbu, already an industrial center, as the location for the project, he added.<br \/> \tThe complex would start operations in 2025, processing about 400,000 barrels per day of Arabian Light crude oil to produce about 9 million tons of chemicals and base oils annually, plus 200,000 bpd of diesel for domestic consumption.<br \/> \tSABIC\u2019s chief executive, Yousef al-Benyan, said the project was the first time Saudi Arabia\u2019s two biggest companies were cooperating on a joint industrial project using a new technology. Investment costs would be shared equally.<br \/> \tAramco, the world\u2019s largest oil company, has been developing its downstream business as it prepares for the government to sell off about 5% of its shares next year, a privatization exercise that Riyadh says could raise around $100 billion.<br \/> \tThe new complex would create an estimated 30,000 jobs directly and indirectly, and add 1.5% to Saudi Arabia\u2019s gross domestic product by 2030, the companies said.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi State oil giant Saudi Aramco and petrochemical producer Saudi Basic Industries Corp signed a memorandum of understanding on Sunday to build a $20 billion complex converting crude oil to chemicals in the kingdom. The project, which the partners said would be the largest crude-to-chemicals facility in the world, is a sign that the Saudi [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>S. 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