In line with the Saudi Vision 2030, Motiva will be investing in exploration and production technologies along with downstream activities in the US to mark its expansion into petrochemicals.
Texas/US – Motiva Enterprises, a wholly-owned downstream oil and gas subsidiary of Saudi Aramco, has recently signed MOUs worth between 8 billion dollars to 10 billion dollars with US companies Honeywell UOP and Technip FMC. The ceremony took place in Houston and was timed to coincide with the official visit to the United States by HRH Crown Prince Mohammed bin Salman of Saudi Arabia.
One of the MOUs signed paves the way to evaluate the use of Technip FMC’s world scale mixed-feed ethylene production technologies in the US. The second MOU enables Motiva to examine the use of UOP’s world scale aromatics extraction and production technologies for benzene and paraxylene for development of a potential complex along the US Gulf Coast.
The MOUs are a first step in Motiva’s expansion into petrochemicals. Final investment decisions on these projects are not expected to be made until 2019 and are dependent on strong economics, competitive incentives, and regulatory support.
The Crown Prince’s visit to Houston included a number of engagements and activities driven by Saudi Aramco, such as a tour of the company’s Houston R&D Center where he was briefed on the latest Upstream technology and innovation focusing on discovery and recovery of conventional and unconventional resources. It is the company’s largest research center outside Saudi Arabia.