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Aramco inks agreement with a foreign investor for production of PTA and PET

May 17/2017

MOSCOW (MRC) -- Aramco has announced the signing of an agreement with a foreign investor, which includes land allocation land in Jazan Economic City, for the production of purified terephthalic acid (PTA) and Polyethylene Terephthalate (PET), as per Plastemart.

The company said that the completion percentage the project of Jazan Economic City reached about 53% for the whole project and all its various facilities, industrial and services, stressing that the work is going on well and fast.

The citys economic projects in Jazan include the Aramco refinery project, which will be the center of the city, it is considered to be one of the largest refinery projects in the world in the past 20 years, with its size, advanced technology, production capacity and integration to maximize value. The refinery is designed to process more than 400,000 bpd of heavy and medium thickness Arab oil, to provide values for manufacturing industries and fulfill the needs of refined petroleum products for the region.

In addition to the power generation center, which includes the first laboratory in KSA to convert heavy petroleum liquids into clean purified gas and then produce electricity using high efficiency composite cycle technology with a capacity of 3900 MW. This center will produce more than 2,400 megawatts of electricity for the national electricity network. Clean energy will be available in an economical, high quality and reliable method.

As MRC wrote previously, in June 2016, Saudi Arabian Oil Co. and Saudi Basic Industries Corp. (Sabic) became one step closer to building their first plant to process crude directly into chemicals, cutting out a link in the production chain from hydrocarbons to the finished products that go into plastics and other consumer goods. The state-owned companies signed an agreement to study such a project to be located in Saudi Arabia. A joint venture is possible if the companies decide to move ahead after the study is completed by early 2017, they said. Oil companies normally refine crude into transportation fuels including gasoline and diesel and leave byproducts such as naphtha to be processed separately into chemicals.

Saudi Aramco is an integrated oil and chemicals company, a global leader in hydrocarbon production, refining processes and distribution, as well as one of the largest global oil exporters. It manages proven reserves of crude oil and condensate estimated at 261.1bn barrels, and produces 9.54 million bbl daily. Headquartered in Dhahran, Saudi Arabia, the company employs over 61,000 staff in 77 countries.
Author:Margaret Volkova
Tags:PP, PE, PET, propylene, PET-granulate, terephthalic acid, ethylene, packaging, Sabic, Saudi Aramco, Saudi Arabia.
Category:General News
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