Saudi Basic Industries Corporation (SABIC) announced the signing of a memorandum of understanding with the Saudi Arabian Oil Company (Saudi Aramco) and the China Oil and Chemical Company (Sinopec). To study the economic and technical feasibility of developing an industrial complex for petrochemicals in integration with one of the local refineries in Yanbu Industrial City.
SABIC said in a statement to the Saudi market (Tadawul), today, Sunday, that the duration of the memorandum of understanding that was signed is 18 months.
This comes as a reference to SABIC's announcement on the Tadawul website on October 18, 2020, which includes the latest developments regarding the study of the integration of (Saudi Aramco) refineries in the city of Yanbu with an industrial complex that includes the multi-feed olefins cracker and its other derivative units.
SABIC's profits fell 67.1% in the third quarter of this year, to reach 1.84 billion riyals, compared to 5.6 billion riyals in the same period last year. The company's profits also decreased by 10.3% in the first nine months of this year, to reach 16.24 billion riyals, compared to 18.1 billion riyals, profits for the same period of 2021.
