Saudi Aramco Signs Agreement to Convert Crude to Chemicals

[The SC]

Wednesday, 30 January, 2019 - 13:00

Aramco CEO, Amin Nasser, Axens’s Chairman and CEO, Jean Sentenac, and President, Process Technology at TechnipFMC, Stan Knez at the signing ceremony. (Aramco)
Al-Dammam - Asharq Al-Awsat


Saudi Aramco signed a Joint Development and Collaboration Agreement (JDCA) with Axens and TechnipFMC to accelerate the development and commercialization of the company’s Catalytic Crude to Chemicals (CC2C) technology.

CC2C technology has the potential to significantly increase the efficiency and yield of chemicals production, converting more than 60 percent of a barrel of crude oil into chemicals. The agreement aims to achieve commercial readiness for the CC2C technology by 2021.

Aramco CEO, Amin Nasser, stated that technical innovations is a crucial element in companies’ competitiveness in the 21st century.

“This is another milestone in the company’s effort to develop groundbreaking technology that maximizes the value of each barrel of crude oil.”

Oil will become increasingly more important in the production of petrochemicals, said Nasser during a press conference after the agreement.

“Saudi Aramco is leveraging its position as the world’s oil powerhouse to capitalize on the strong growth potential for chemicals globally.”

Through the strategic partnership with Axens and TechnipFMC, Aramco aims to advance cutting-edge technology to meet the increasing demand for petrochemicals, and support its efforts to build a global chemicals business.

Axens’s Chairman and CEO, Jean Sentenac, described the new partnership as “an honor and a pleasure.”

According to the IEA, an additional 4 Mbpd of crude oil will have to be converted into petrochemicals by 2035 to meet the demand.

“This is a unique opportunity to create this next generation technology that will be of great interest to the market for converting crude oil into petrochemicals,” indicated Sentenac at the press conference.

President, Process Technology at TechnipFMC, Stan Knez, explained that TechnipFMC’s solid position in FCC technologies as well as down flow catalytic cracking experience will provide a strong foundation for this joint development.

The CC2C technology will be an innovative approach for producing a full range of petrochemicals using crude oil as the feedstock, he added.

“We are pleased to be teaming with Saudi Aramco and Axens in the effort to commercialize this process quickly and expand our technology portfolio.”

The innovative CC2C technology builds on the success of the proven high-severity fluid catalytic cracking (HS-FCC) technology, which Saudi Aramco co-developed with King Fahd University of Petroleum and Minerals (KFUPM) and JXTG Nippon Oil and Energy, to directly convert crude oil to high value chemicals.

The technology converts crude oil directly to chemicals which will eliminate several energy-intensive processes and create high-value product streams that produce larger quantities of chemicals while generating less emissions.

Saudi Aramco, Axens, and TechnipFMC are all members of the HS-FCC technology Alliance. Axens and TechnipFMC are also the exclusive licensors of HS-FCC technology and two of the leading providers of technology and infrastructure for the energy industry.


https://aawsat.com/english/home/article/1569096/saudi-aramco-signs-agreement-convert-crude-chemicals

 

[313ghazi]

Very good news for KSA. Why sell oil as crude when you can sell it as precious refined products instead. Of course there will always be a market for crude, but this is a step in the right direction. KSA has plenty of labour is close to plenty of countries with cheap labour where crude can be refined into products to export rather than just as crude.

 

[The SC]

Very good news for KSA. Why sell oil as crude when you can sell it as precious refined products instead. Of course there will always be a market for crude, but this is a step in the right direction. KSA has plenty of labour is close to plenty of countries with cheap labour where crude can be refined into products to export rather than just as crude.

That is the current policy of Saudi Arabia as it wants to get out of its Oil dependency in the economy.. the emphasis is being put on Industrialisation, commerce, investments, JV, small, medium and large business, minerals, renewable energies, petrochemicals..and mostly in the hi-tech fields.. And by 2020 as MBS said, KSA will be independent from OIL revenues to survive..So when all projects are done by 2030, Oil will be just a secondary source of revenue..

 

[Swordbreaker12]

That is the current policy of Saudi Arabia as it wants to get out of its Oil dependency in the economy.. the emphasis is being put on Industrialisation, commerce, investments, JV, small, medium and large business, minerals, renewable energies, petrochemicals..and mostly in the hi-tech fields.. And by 2020 as MBS said, KSA will be independent from OIL revenues to survive..So when all projects are done by 2030, Oil will be just a secondary source of revenue..

I heard mbs wants to spend 400b for a economy push an extremly dangerous step !

 

[The SC]

I heard mbs wants to spend 400b for a economy push an extremly dangerous step !

Why dangerous? It is well planned and spread on 10 years..and concerns 4 major sectors of the economy.. it is not spendings, these are investments in major projects that will generate revenues and profits..

 

[Clutch]

Why dangerous? It is well planned and spread on 10 years..and concerns 4 major sectors of the economy.. it is not spendings, these are investments in major projects that will generate revenues and profits..

I agree with his strategy...