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Saudi companies plan massive Houston-area petrochemical investments

09/04/2018
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Several of Saudi Arabia’s leading energy companies are planning to invest billions of dollars in their Houston-area petrochemicals operations in order to take advantage of cheap natural gas feedstocks from the West Texas shale fields according to a report in the Houston Chronicle.
Several deals have already signed by Saudi Aramco including agreements with TechnipFMC and Honeywell UOP.
Several deals have already been signed including Saudi Aramco penning agreements with TechnipFMC and Honeywell UOP. The agreements will enable Saudi Aramco to study their production technologies and potentially build a manufacturing complex on the US Gulf Coast. The amount that could potentially be invested in this project? A staggering $8 - $10 billion dollars…

The report in the Houston Chronicle also mentions that Saudi Basic Industries Corp. (SABIC) plans to build a headquarters for its operations in the Western Hemisphere in Katy, TX. The headquarters would see SABIC’s headcount in Houston rise from 400 to approximately 1,000. SABIC is also working with ExxonMobil to build the world’s largest ethane cracker as part of a massive $10 billion petrochemical complex near Corpus Christi.

It is likely that petrochemicals manufacturers will experience strong growth for the several decades thanks to historic increases in both oil and natural gas production from the Permian Basin and other West Texas operations. Natural gas is a feedstock in the production of upgraded commodities such as ammonia, methanol, and ethylene. Therefore, petrochemicals companies located in the Gulf Coast now have access to consistent supplies of inexpensive natural gas.

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Saudi companies plan massive Houston-area petrochemical investments - Time to read 2 min
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