ERJ staff report (PR)
Riyadh – SABIC is studying a plan to construct the world’s first oil-to-chemicals (OTC) complex at a site in Saudi Arabia, as part of its strategy to add innovative new technologies to its engineering and production capabilities.
The OTC complex, claims SABIC, will comprise a new configuration of unit operations that will generate the world's highest yield conversion of oil to chemicals. The company expects to utilise around 10 million tonnes of crude oil at the complex to produce petrochemicals, and eventually advanced speciality chemicals in line with SABIC’s 2025 strategy.
“OTC technology allows for the conversion of crude oil to petrochemical products at the highest ever achieved conversion rate in a competitive and sustainable way, said Mohamed Al-Mady, vice chairman and CEO of SABIC – in a keynote address for a 14 May innovation day at the company. “The OTC complex will set a new competitive standard and establish Saudi Arabia as a technology leader in the petrochemical industry.”
The complex is expected to start up by the end of the current decade and will provide an aggregated total of around 100,000 new jobs, according to current company projections. The project comes at a time when the company is focussing on research & development to produce new materials to face global market challenges.
To help spur innovation globally, Al-Mady announced an annual Innovation Award to entrepreneurs. SABIC is offering cash awards of up to SR10 million along with research and commercial support for innovative ideas or existing inventions in the field of smart polymers. Applications will be accepted electronically through the SABIC website from 1 June.
“Every year SABIC screens more than 250 start-ups for possible partnership,” said Al-Mady. “We hope the SABIC Innovation Award will encourage many more worthy projects.”
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