Saudi Basic Industries Corporation (SABIC) announces that it has signed a Memorandum of Understanding (MOU) with Saudi Arabian Oil Company (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) for a Petrochemical Complex located in Yanbu, Saudi Arabia.

As part of the MOU, the firm will perform economic and technical feasibility study to develop an integrated petrochemical complex with an existing refinery in Yanbu.

The duration of the MOU is 18 months.