Under the deal, the duo said it could be looking at establishing a joint venture, “if the joint study reaches a positive conclusion”.
The project, which would be consistent with Saudi Arabia’s Vision 2030 reform initiative unveiled by Deputy Crown Prince Mohammed bin Salman in April, aims to improve the Kingdom’s downstream sector.
“Derived from improved refining technology, the crude oil-to-chemicals process will involve innovative configurations with proven conversion technologies,” the companies said in a joint statement.
