Saudi Aramco to replace conventional industrial activities: CEO

Saudi Aramco’s crude oil-to-chemicals (COTC) project will replace or organize conventional industrial activities through producing low-cost chemicals with minimal environmental impacts, according to its chief executive officer.

“Saudi Aramco is converting more crude oil to chemicals, driven by the chemical sector growth, which is likely to hit 30 percent by 2030, ahead of rising further going forward,” Amin Nasser said on the sidelines of the Chief Executives Organization meeting.

“Saudi Aramco is currently focusing on expansions in gas, base oils, chemicals and lubricants,” he added.

In November 2017, the state-run oil producer signed a memorandum of understanding (MoU) with Saudi Basic Industries Corp (SABIC) to develop a fully integrated COTC complex in Saudi Arabia, Argaam reported.