Saudi Basic Industries Corporation plans to build a crude oil to petrochemicals conversion facility to take advantage of growing demand.

The crude oil-to-chemicals complex at Ras Al Khair in eastern Saudi Arabia is expected to convert 400,000 barrels of oil per day into chemicals, according to the company said in a statement on Thursday to the Tadawul Stock Exchange, where its shares are traded.

Sabic is the largest petrochemical producer in the Middle East.

The latest project, part of its strategic growth…

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