Aramco takes petchem growth seriously - Naimi
11 May 2006 10:26 [Source: ICIS news]
DUBAI (ICIS News)--Saudi Aramco had undertaken several bold initiatives in the petrochemicals sector in 2005 to bolster its presence in the sector, its chairman Ali al-Naimi said in the company’s annual review.
The annual review, which was released early this week, highlighted the strategic partnerships sealed at home and abroad in 2005 to boost petrochemical manufacturing capacity.
Among the deals were inked were with Sinopec and Exxon Mobil to triple the capacity of Sinopec’s existing
The PetroRabigh joint venture with Sumitomo Chemical, which transformed the Rabigh Refinery into a fully integrated petrochemical complex, was another. It would be one of the largest of its kind in the world when completed, designed to produce 1.5m tonne/year of ethylene derivatives, 900,000 tonne/year of propylene and 60,000 bbl/day of gasoline, as well as other refined products.
The review said that the local economic impact of PetroRabigh would be significant. The project has already attracted more than $5b of foreign investment, and is projected to generate a total of 1,400 direct jobs, and three times that number in related industrial, maintenance and support activities.
Aramco also said that it plans to develop joint venture petrochemical complexes integrated with its Ras Tanura and Yanbu refineries. The company is seeking strategic partners with leading petrochemical and refining companies for these projects - the former is in the marketing phase and the latter in the planning stages.
By: Anuradha Rao
+65 6780 4359
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