Chemicals is the fastest growing crude oil demand sector. It is also the fastest growing segment of our business. So we’re partnering with some of the best companies in the industry to develop new, more efficient ways to convert crude oil into chemicals.
Our crude oil to chemicals (COTC) technologies will remove or streamline several conventional industrial processes, resulting in chemicals that are less expensive to produce and that have a lighter energy and carbon intensity.
Our partnership with SABIC
In November 2016, we signed a memorandum of understanding with SABIC to develop a fully integrated crude oil to chemicals (COTC) complex in Saudi Arabia.
This technology combines proprietary catalysts and process configurations to optimize the conditioning step of pyrolytic crude oil cracking. Initial results demonstrated higher chemical yields than originally estimated, suggesting greater potential to capture additional value.
The project aims to maximize chemical yields, transform and recycle byproducts, drive efficiencies of scale, optimize resources, and diversify the mix of petrochemical feedstock.