Yousef Al Benyan, the vice chairman and chief executive of Sabic says Increasing chemical production is crucial to Saudi Arabia’s Vision 2030 blueprint, which envisions creating higher-value products and jobs. Faisal Al Nasser / Reuters
Yousef Al Benyan, the vice chairman and chief executive of Sabic says Increasing chemical production is crucial to Saudi Arabia’s Vision 2030 blueprint, which envisions creating higher-value products Show more

Saudi Aramco and Sabic to build world's largest oil-to-chemicals plant



Saudi oil and chemical majors Aramco and Sabic have signed an agreement to build one of the world's largest oil-to-chemicals facilities, valued at US$20 billion, as Riyadh continues to diversify its economy away from reliance on crude revenues.

The integrated complex, said to be located on the country's western Red Sea coast, will process around 400,000 barrels per day (bpd) of oil that would be turned into around 9 million tonnes of chemicals and base oils annually. The facility is set to begin operations in 2025, Saudi Aramco said in a statement yesterday.

The refining and chemicals scheme will be integrated with Saudi Arabia’s existing 240,000 bpd refinery at Yanbu on the western coast, and falls in line with a trend in the kingdom towards integrating existing refineries with planned petrochemicals (petchems) facilities. 

The project will conclude front-end engineering and design before a final investment decision is made, the firm said. 

"Once completed, this project will not only be the largest crude oil to chemicals complex in the world, it will also set a new competitive threshold thanks to the project's mass scale and the benefits derived from our joint collaboration," said Sabic vice chairman and chief executive Yousef Al Benyan.

“The project will, therefore, help achieve the respective growth ambitions of Sabic and Saudi Aramco and further establishes the kingdom as one of the pioneers in the petchems industry,” he
added.

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Saudi Arabia is also developing another estimated $20bn petchems facility with American multinational Dow Chemicals through their Sadara venture in the eastern industrial city of Jubail.

The planned project is set to produce around 3 million tonnes annually of products – mostly plastics and specialty chemicals.

The Aramco-Sabic venture is set to contribute to 1.5 per cent of the country’s gross domestic product by 2030 with both firms to equally share planned investments. 

The coming together of the region’s largest upstream and downstream giants comes amid the backdrop of Saudi Aramco’s planned listing next year of a 5 per cent stake, a move which may generate up to $100bn.

Sabic, which is 70 per cent owned by the Saudi government, is the largest listed firm in the Middle East and the fourth largest chemicals company in the world.

Producers in the region such as the UAE and Oman have also ramped up efforts at increased downstream integration to monetise crude oil into products and plastics to meet rising demand from South Asia and China. 

The UAE state-owned operator Adnoc plans to almost triple its petchems production to 11.4 million tonnes by 2025 from 4.5 million tonnes presently as part of its 2030 strategy. 

Oman, who’s economy has been squeezed by the oil price slump, has pushed ahead with investment in refining and petchems through an upcoming 230,000 bpd refinery at its Duqm free zone in the south. Another $6.5bn Liwa Plastics Industries Complex has been targeted for completion
in 2020.

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Company Profile

Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
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“If I had all the money, I would approach Nike and ask them to do my own Air Force 1, that’s one of my dreams.” Yaseen Benchouche

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Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
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COMPANY PROFILE

Name: Haltia.ai
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Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
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Difference between fractional ownership and timeshare

Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.

UAE currency: the story behind the money in your pockets
TO CATCH A KILLER

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Rating: 2/5

Tips for used car buyers
  • Choose cars with GCC specifications
  • Get a service history for cars less than five years old
  • Don’t go cheap on the inspection
  • Check for oil leaks
  • Do a Google search on the standard problems for your car model
  • Do your due diligence. Get a transfer of ownership done at an official RTA centre
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  • Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
  • If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell

Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com

'Gehraiyaan'

Director:Shakun Batra

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Rating: 4/5

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Blue Beetle

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Rating: 4/5 

Tips for job-seekers
  • Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
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David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East

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Should late investors consider cryptocurrencies?

Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.

They do not usually recommend investing in Bitcoin or other cryptocurrencies due to the risk and volatility associated with them.

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He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.

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Edinburgh: November 4 (unchanged)

Bahrain: November 15 (from September 15); second daily service from January 1

Kuwait: November 15 (from September 16)

Mumbai: January 1 (from October 27)

Ahmedabad: January 1 (from October 27)

Colombo: January 2 (from January 1)

Muscat: March 1 (from December 1)

Lyon: March 1 (from December 1)

Bologna: March 1 (from December 1)

Source: Emirates

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Rating: 2/5

MATCH INFO

Uefa Nations League

League A, Group 4
Spain v England, 10.45pm (UAE)

Where to submit a sample

Volunteers of all ages can submit DNA samples at centres across Abu Dhabi, including: Abu Dhabi National Exhibition Centre+(Adnec), Biogenix Labs in Masdar City, NMC Royal Hospital in Khalifa City, NMC Royal Medical Centre, Abu Dhabi, NMC Royal Women's Hospital, Bareen International Hospital, Al Towayya in Al Ain, NMC Specialty Hospital, Al Ain

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