Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Aramco Inks a Deal with Two US Firms to Maximize Oil Barrel Value

Aramco Inks a Deal with Two US Firms to Maximize Oil Barrel Value

Friday, 19 January, 2018 - 11:45
Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

Saudi Aramco’s Chief Executive Amin Nasser has revealed that Aramco is in a quest to maximize the value of each barrel of crude oil it produces in the near future and to make the oil market significant not only in transports but also in materials segment.

This statement was made Thursday morning during Aramco signing of an agreement to reinforce and promote crude-to-chemicals technology.

Aramco signed a three-way agreement with Chevron Lummus Global and a US-based provider of technology and infrastructure for the energy industry CB&I to help market and scale up Aramco's Thermal Crude to Chemicals technology.

According to Nasser, Aramco pursues achievement of pioneering scientific, academic and technical innovations. He added that the company aims to serve its strategic purposes to best invest the hydrocarbon wealth. “This is a further opportunity for Saudi Aramco to contribute to the development of a stronger, more diversified Saudi economy, one that creates high value employment opportunities for young Saudis in a further realization of Vision 2030 objectives,” said Nasser.

Saudi Aramco’s Chief Technology Officer Ahmad Khowaiter said, “This partnership will enable us to leverage the unique strengths of our companies to accelerate the scale-up and de-risking of the technology, while reiterating Saudi Arabia’s global leadership in crude oil and commodities production. This will support the Kingdom’s efforts toward industrial diversification, job creation and technology leadership in Saudi Arabia through downstream conversion of chemicals.”

Patrick Mullen, CB&I’s president and chief executive officer, stated that “This is a unique integration of advanced technology processes for the production of high-value petrochemicals from crude oil, and our three companies are best positioned to do so.”

“CLG’s hydro processing technologies and CB&I’s ethylene cracker technology combined with Saudi Aramco’s proprietary thermal crude to chemicals technology will provide a strong foundation for this joint development,” said Leon de Bruyn, CLG’s managing director. He added, “We are excited to be partnering with Saudi Aramco and making a positive impact on our industry by demonstrating an innovative approach to crude to chemicals.”

Editor Picks