(MENAFN) The Saudi Basic Industries (SABIC) and the Saudi Arabian Oil Co. (Aramco) provided offers for the engineering works of the mutual venture (JV) which will surpass USD20bn.
Moreover, the venture will convert crude oil to chemicals and is projected to process Arabian light and extra light crude oil.
Accordingly, many plants are projected to be built, involving a 400.000 barrels per day integrated crude distillation and vacuum unit.
Both firms are still looking for a location for their JV at Yanbu, near the power plant, or in Jubail, close to Sadara, which is an Aramco JV with U.S. firm Dow Chemical.
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