Saudi Basic Industries Corporation (SABIC), one of the world’s largest petrochemicals companies, is set to take over the marketing of Saudi Aramco’s products at a petrochemicals plant in Rabigh starting yesterday.
Rabigh Refining and Petrochemical Company (Petro Rabigh) announced on Wednesday it had signed an agreement with Saudi Arabian Oil Company (Saudi Aramco) and SABIC.
Under the agreement, SABIC will market “Saudi Aramco’s share of identified Petro Rabigh petrochemical products” effective October 1.
“This agreement aims to increase supply chain efficiency and improve the company’s competitive advantage in the petrochemical industry… This will reflect positively on the company,” Petro Rabigh told the Saudi Stock Exchange (Tadawul).
Petro Rabigh is a joint venture between Saudi Aramco and Japan’s Sumitomo Chemicals. It operates a refining and petrochemicals complex in the town of Rabigh that started production in 2009.
Last April, it was announced that SABIC would take over the marketing and sales responsibility for Aramco’s petrochemicals and polymers products at Pengerang Petrochemical Company in Malaysia, Sadara Chemical Company in Saudi Arabia and S-Oil Corporation in South Korea.
Aramco acquired a 70 percent stake in SABIC in June 2020.
