Saudi Aramco's Motiva Enterprises today announced MOUs with Honeywell (NYSE:HON) and TechnipFMC (NYSE:FTI) to explore opportunities for potential petrochemical projects that, if built, would represent multi-billion-dollar investments in the U.S.
One MoU considers HON's aromatics extraction and production technologies to convert gasoline byproducts benzene and paraxylene into feedstocks for chemicals and plastics through the development of a potential complex on the U.S. Gulf Coast.
The other MoU includes FTI's technology for converting ethane into ethylene, which is used to make plastics.
Today's signing coincided with the official visit to the U.S. by Saudi Crown Prince Mohammed bin Salman.
Meanwhile, Saudi Basic Industries Corp. says it is close to a final investment decision on building a large petrochemical plant with Exxon Mobil (NYSE:XOM) on the Texas Gulf Coast near Corpus Christi, and is assessing plans for an Americas region head office in the greater Houston area.
Subscribe for full text news in your inbox