Mar 26: Saudi Arabia has just signed a deal with Aramco for a $20-billion fully integrated crude-to-chemicals manufacturing complex. It will be based at Yanbu and will process 400,000 b/d of crude oil and include a vacuum gasoil platform with capacity to produce approximately 9 million metric tons per year of chemicals and base oils. It is expected to start operations in 2025.
8Aramco has also signed a three-party joint development agreement with CB&I and Chevron Lummus Global for the development, commercialization, and marketing of crude-to-chemical technologies.
8This is a disruption in the typical relationship that a refiner would have to serving the petrochemical markets.
8We could have a chemical company who may not be back-integrated into refining considering the possibility of going direct oil-to-chemicals without being dependent on naphtha relationships upstream.
8That does have an indirect and a direct impact on how a refiner operates.
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