Saudi Arabia's Aramco has been researching for years ways to extract chemicals directly from crude oil, without having to refine it first. According to a recent press release, the government of Saudi Arabia has been successful in its endeavors and is planning to construct an oil-to-chemical plant in the city of Yanbu.
The nation’s oil minister, Ali bin Ibrahim Al-Naimi, released this information in a press conference on Tuesday. Saudi Basic Industries Corporation (TADAWUL:2010), one of the largest petrochemical corporations in the world, has collaborated with the government for the development of this technology and will share a large chunk of the profits.
New technology
Chemical plants normally need to purchase refined crude oil products to convert them into petrochemical products such...
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