The establishment of an integrated industrial complex in Yanbu industrial city in partnership with Aramco and Saudi Basic Industries Corp. (SABIC) will contribute to creating opportunities for setting up small and medium enterprises and factories, stated Governor of Medina Prince Faisal bin Salman bin Abdul Aziz.
The Prince indicated that the complex will play a role in national economic diversification and promote sustainable development.
Prince Faisal made the remarks during a visit to Yanbu province, where he congratulated the people on the project, which he described as one of the mega projects in the world, explaining that it will be developed with Saudi manpower and unprecedented international technology.
Aramco and SABIC announced last week that Yanbu will be the site for an integrated industrial complex they plan to build to convert crude oil to chemicals.
The governor pointed out that the Center for Economic Development in the region will coordinate with the Royal Commission in Yanbu, Aramco, and SABIC to develop training programs in order to raise the level of competencies and professionalism.
He thanked Aramco and SABIC for this project which is a remarkable leap in the petrochemical world.
CEO of Royal Commission of Yanbu and Jazan, Alaa Nasif, lauded the project of converting crude oil to chemicals, executed by Aramco and SABIC, which is a revolution in the petrochemical industry globally.
Naseef said the project will be built according to the highest engineering standards. It is expected to process 400,000 barrels per day of crude oil, which will produce around 9 million tons of chemicals and base oils annually. It is expected to start operations in 2025.
Nassif noted that the project offers new opportunities to build leading industries in the Kingdom through enhancing the value of crude oil production in Saudi Arabia, ensuring comprehensive integration to hydrocarbon industries, contributing to economic diversification by producing ready-made or semi-ready materials, and developing advanced technologies.
The CEO stressed the project will generate about 30 thousand direct and indirect employment opportunities for Saudi youth in general, and young people in the area of Medina in particular.
