Saudi Aramco and Saudi Basic Industries Corporation (SABIC)
recently announced a partnership to expedite the construction of a new
petrochemical plant.
The plant will take crude oil and turn it directly into
petrochemicals, allowing Saudi Arabia to make major cuts to intermediate costs
of plastic production.
Slated for a 2017 finish, the facility is part of a
larger plan by the Saudi government to diversify its economy away from the sale
of crude oil.
Amin Nasser, CEO of Saudi Aramco, said
that the country hopes to substantially increase production of petrochemicals.
