Saudi ARAMCO Looking at US Petrochemicals

[Nyogtha]

Previously reported grassroots joint venture between XOM & SABIC, now that ARAMCO is the sole owner of the Port Arthur refinery, that group of Saudis is looking to further expand that facility and add petrochemicals. Will also soon have a IPO.

https://mobile-reuters-com.cdn.ampproject.org/c/s/mobile.reuters.com/article/amp/idUSKBN1HE0U8

Compare the results of projected $18 billion investment in conventional oil refining to make this the largest refinery in the world to the $25 billion invested by Shell in their Pearl GTL facility. Ten times the production capacity for less money.

 

[PimTac]

Saudi spending a lot of money. The crown prince was in Seattle the other day. Flew in on a 747 with 19 guests. There is no oil or any major refinery here so the world wonders what he was up to?

Supposedly visited Boeing and met Bill Gates.

 

[Nyogtha]

There are two decent sized refineries, one currently owned by Shell and the other owned by Andeavor.

Offshore methane hydrate beds were a reasonably hot topic last time energy costs were high, maybe they're looking at early dibs on a piece of the action with those.