Saudi SABIC: Ras Al-Khair might become the site of a crude-to-chemicals plant

The Saudi Basic Industries Corporation (SABIC) said in a statement on Tadawul that it intends to investigate building a complex near Ras Al-Khair with the potential to turn 400,000 barrels of crude oil per day into chemicals for use in manufacturing.
SABIC said it “affirms its commitment to continue developing crude oil to chemicals technologies, which contributes to increasing cost efficiencies and value creation opportunities in the energy and chemical industry on a larger scale”.
According to SABIC, the crude oil into chemicals (COTC) initiative is a component of their strategic expansion plan. A $20 billion COTC complex was going to be built, according to a 2017 agreement between SABIC and Saudi Aramco. 2020 saw a reevaluation of the plans as crude oil prices dropped due to a reduction in demand brought on by the epidemic. The two businesses then suggested adding a mixed feed steam cracker and downstream olefin derivative units to Aramco’s existing refineries in Yanbu.