Saudi state integrated petroleum firm Aramco and state-led petchems giant Sabic have signed separate joint venture agreements this week, for fuel retailing and synthesis gas technology respectively, despite Aramco gearing up for a potentially $70bn takeover of 70% of Sabic currently held by the PIF sovereign wealth fund.
Aramco and France’s Total will form a 50:50 joint venture to develop a network of retail fuel outlets in Saudi Arabia over the next six years at a cost of $1bn. Meanwhile, Sabic and Italy’s Eni plan to develop a process to turn natural gas into syngas, a mixture of hydrogen and carbon dioxide, pairing technologies from both firms. (CONTINUED - 381 WORDS)