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Crude Oil-To-Chemicals Project - Yanbu
The project involves the construction of a mega Crude Oil-to-Chemicals (COTC) complex in Yanbu, the first development to be jointly led by Saudi Aramco and Saudi Basic Industries Corporation (SABIC). The project will involve the construction of a fully integrated facility to process Arabian Light and Extra Light crude oil into petrochemicals. Client is signing an agreement with state-owned oil giant Saudi Aramco to implement the scheme. The COTC complex is expected to process 400,000 barrels per day of crude oil, which will produce approximately 9 million tons of chemicals and base oils annually and is expected to start operations in 2025. The complex is expected to create an estimated 30,000 direct and indirect jobs, further stimulating the Kingdoms economic diversification efforts. By 2030 the COTC complex is expected to have 1.5% impact on the Kingdoms Gross Domestic Product (GDP), with investments being shared equally by both companies. If this is successful, it will form the basis for establishing a joint venture for the development of a fully integrated chemicals complex.