20 billion complex and provide front-end engineering design and project management services during the engineering, procurement and construction phase. The energy service provider will also support the development of the complex that is expected to process 400,000 barrels a day and around 9 million tons of chemicals and base oils annually. The agreement coincided should i invest in crude oil the visit of Saudi Crown Prince Mohammed bin Salman to the United Kingdom.
It also follows the signing of a Memorandum of Understanding 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, selection of technology providers, updating project economics and performing the front-end engineering design. The project is expected to achieve a direct conversion rate from crude oil to chemicals of almost 50 percent. President and CEO of Saudi Aramco, Amin H. It will be capable of maximizing chemical yield, recycling by-products, optimizing resources and driving efficiencies of scale, Nasser explained. Ours is a business relying on finite natural resources for our feedstock.
Vice Chairman and CEO of SABIC Yousef Al-Benyan said. The project will generate the world’s highest proven yield conversion rate of oil to chemicals in a competitive and sustainable way, according to Al-Benyan. The contract is expected to continue through to the start of operations in 2025. By 2030, the COTC complex is expected to be a significant contributor to Saudi Arabia’s GDP and play a key role in helping the continued economic diversification from crude exports to higher value industrial products.
Saudi stock index closes up 0. Dubai: The Saudi Arabian stock market remained in positive territory on Sunday after rebounding late last week from several days of profit-taking, while a pullback by two blue chips dragged down Abu Dhabi. The Saudi stock index closed up 0. Food and beverage company Almarai added 3. Loss-making home furnishings maker Al-Sorayai Trading was the best performer, adding a further 10 percent after it jumped last week as its chief executive resigned. Saudi Cement and City Cement Co.
Bank Aljazira was the strongest bank, gaining 3. 5 percent after it said its rights issue of 300 million shares had been 90 percent subscribed at the end of the subscription period. 229 million of Saudi stocks last week, one of the highest totals this year despite a wave of profit-taking after FTSE Russell decided, as expected, to upgrade Saudi Arabia to emerging market status. This may ultimately boost the stocks’ weightings in emerging market indexes. Qatar Electricity and Water was up 0. 8 percent and Qatar Industrial Manufacturing gained 0. 3 percent, but the news, which had been anticipated, failed to support Industries Qatar, which shed 0.
7 percent, and Qatar Islamic Bank, down 0. In Kuwait, the market rebounded for the first time since authorities divided it into three segments a week ago as part of reforms designed to boost liquidity and attract more foreign money. The index for the premier market, home to the largest and most liquid companies, rose 0. 8 percent, with First Abu Dhabi Bank losing 2. 4 percent and telecommunications firm Etisalat sliding 1. 4 percent as Gulf General Investment tumbled 9.