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FINANCIAL NEWS
Aramco, SABIC to seal vital USD30b scheme
11 May 2016
(MENAFN) Saudi Aramco is currently preparing to ink a memorandum of understanding with Saudi Basic Industries Corp. for a mutual oil-to-chemicals project.
The proposed scheme could cost as much as USD30 billion, processing petrochemicals directly from crude oil instead of first refining the oil into products such as naphtha.
Aramco has meanwhile begun work on a world class maritime complex which would conservatively create 80,000 direct and indirect jobs and have a USD17 impact on GDP.
Additionally, the complex in Ras Al-Khair would provide engineering, manufacturing and repair services for offshore rigs, commercial vessels and offshore service vessels.
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