Saudi Aramco’s recent acquisition of additional stake in Japan’s Sumitomo Chemical is a sign of consolidation in the petrochemical industry
The complex is expected to be able to produce 1.8 million metric tons of ethylene per year and is designed to expand SABIC’s manufacturing presence in Asia
The world’s largest oil company reported that it had paid out a base dividend for Q1 2023 of $19.5bn in the second quarter, which was up 4 per cent year-on-year
The plant is expected to startup in 2026
The three entities are exploring collaboration across refining and petrochemical projects in Saudi Arabia as well as China
The facility will be built in the city of Panjin, in China’s Liaoning Province
The value of the original project was estimated at $6.6 billion in 2018
OQ is an integrated energy company with oil and gas exploration and production operations, refineries, a retail network and a large petrochemical business