Saudi ARAMCO and SABIC sign project management with Wood

In a remarkable step towards successful execution of Saudi Aramco and SABIC‘s fully integrated, strategic crude oil-to chemicals complex in the Kingdom, the partners today sign with Wood, a leading, global British-owned provider of project management and professional and engineering services in the petrochemicals industrial field, a contract for project management and front-end engineering design (FEED).

The signing of the contract coincides with the visit of His Royal Highness Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to the United Kingdom.

The signing of this PMC follows the signing of a Memorandum of Understanding (MoU) in November 2017 between Saudi Aramco and SABIC to assist in bringing the mega-project to its next stage of development. The scope of the contract primarily includes the finalization of the project scope, selection of technology providers, updating project economics and performing the front-end engineering design (FEED).

Amin H. Al-Nasser, President and CEO of Saudi Aramco, said: “This is an important milestone in a partnership that we are proud of between Saudi Aramco and Sabic; a partnership that is in line with Saudi Aramco’s strategy for business integration, adding value and tackling global growth opportunities in chemicals. It is also important to mention that this project will achieve a direct conversion rate from crude oil to chemicals of almost 50%, a globally unprecedented rate. This offers the Kingdom solid opportunities to produce chemicals as a feedstock as part of Saudi Aramco’s efforts to maximize return on investments in hydrocarbon resources.”