Saudi Aramco takes next step in petrochemicals expansion at US top refinery
Aramco’s Motiva signs a memorandum of understanding of up to $10bn with Honeywell UOP and TechnipFMC
Houston — Saudi Aramco took the first steps to integrating a petrochemicals business into the US’s biggest oil refinery, which is operated by its subsidiary Motiva Enterprises. Aramco CEO Amin Nasser signed memoranda of understanding worth $8bn to $10bn with Honeywell UOP and TechnipFMC to study petrochemical production technology for use in a chemical plant the company is considering building at the Port Arthur refinery. Saudi Arabia’s Crown Prince Mohammed bin Salman, who was winding up a two-week visit to the US, was present at the signing in Houston on Saturday, along with Saudi Energy Minister Khalid al-Falih and US Energy Secretary Rick Perry. "These agreements signal our plans for expansion into petrochemicals," Motiva CEO Brian Coffman said. Aramco, which wants to develop its downstream business as the government prepares to sell up to 5% of the world’s largest oil firm in an initial public offering in 2018, wants to use oil as a major petrochemicals feedstock. Coffman said ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.