Motiva Enterprises LLC, a wholly-owned downstream oil and gas subsidiary of Saudi Aramco, recently signed MoUs worth between US$8 billion - US$10 billion with US companies Honeywell UOP LLC and TechnipFMC plc, in a ceremony in Houston timed to coincide with the official visit to the US by HRH Crown Prince Mohammed bin Salman of Saudi Arabia.
One of the MoUs signed paves the way to evaluate the use of TechnipFMC’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.
Commenting on the Crown Prince’s visit to Houston, Saudi Aramco President and CEO Amin H. Nasser said, “For more than 85 years the Kingdom of Saudi Arabia and the United States have enjoyed a mutually beneficial relationship based upon the strong legacy and longstanding foundation established by the leaders of both nations. The presence of Crown Prince HRH Mohammed Bin Salman today further advances that proud heritage, bolstering Saudi Aramco’s presence and partnerships with top American companies in the energy hub of Houston.”
“We are especially honored for His Royal Highness to witness the signing of MoUs and announcements that further strengthens Aramco’s commitment to supporting US economic growth and development through downstream investments while also significantly investing in exploration and production technologies and innovative solutions aligned with Saudi Vision 2030 that will serve both our nations over the long term,” he added.
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 Centre 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 centre outside Saudi Arabia.
Read the article online at: https://www.worldpipelines.com/business-news/09042018/mous-signed-as-motiva-enterprises-expand-into-petrochemicals/