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SABIC Working to Turn Crude into Petrochems Without Refinery

  • Bloomberg reported that Saudi Basic Industries Corporation is developing a method to convert crude oil into petrochemicals without passing it through a refinery.Prince Faisal bin Turki Saudi oil ministry adviser said that the state controlled company known as SABIC is working on the plan with the ministry.The Saudi petrochemicals industry is in a golden era with output at record levels. Production in 2016 will be 100 million tonnes, 250% increase from 2006. Saudi Arabia is developing 120 chemical and petrochemical projects to make products for export and create jobs and is developing specialty chemicals for industries such as automotive.
  • SABIC is expanding to meet rising demand for petrochemical products from fast growing Asian economies including China and India. Saudi Arabia exported 20.3 million tonnes of petrochemicals during the 8 months ending in August up from 19.4 million tonnes a year earlier.

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