Saudi Aramco, Sabic sign deal for $20 billion project

摘要

Saudi Arabia's two biggest companies signed an initial agreement to build a plant to process crude oil directly into chemicals, a project the partners estimate will have a final value of some $20 billion.The memorandum of understanding governs the execution of front-end engineering design for the integrated plant, Saudi Aramco and Saudi Basic Industries Corp. said. The planned facility will produce about 9 million tonnes of chemicals and base oils annually and is expected to create 30,000 direct and indirect jobs, the companies said.