Aramco Plans Study for Chemical Complex in Texas - Bloomberg:
"Saudi Arabia’s state oil company will sign an agreement this weekend with a British oilfield services firm to explore building chemical facilities in Texas, according to people familiar with the matter. The agreement with TechnipFMC Plc involves a study for a potential chemical unit on the U.S. Gulf Coast that would be able to produce materials used in gasoline and as industrial solvents, said the people, who asked not to be identified because the matter isn’t public. There will also be a study on a facility that can make ethylene, a key compound for making plastics. Saudi Aramco, through its Motiva Enterprises LLC subsidiary, owns North America’s largest refinery, in Port Arthur, Texas. Crown Prince Mohammed bin Salman, heir to the throne of the world’s largest oil exporter, is wrapping up a three-week tour of the U.S. to promote his effort to open up the Saudi economy through his “Vision 2030” and has announced several development projects. While in New York in late March, he signed a memorandum of understanding with Softbank Group Corp. to build at $200 billion solar power development."
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