Saudi Aramco and SABIC suspend Las Haile refinery project and review other investments

1. Rushail Refinery Project Suspendedrecently, Saudi Aramco and its subsidiary Saudi Basic Industries Corporation (SABIC) announced the suspension of plans to build a 400000-barrel-a-day refinery in Ras Al Khair, on the Gulf coast of eastern Saudi Arabia. The decision also shelved the proposed relocation of the project to Jubail. The multi-billion-dollar project to the Las Haile Refining and Chemical Plant was originally a major investment project first announced by SABIC in November 2022, and a year after its construction, it said the project was still in progress. 2. For example project suspension reasonsaudi Aramco and SABIC decided to suspend the Las Haile refinery project mainly due to the uncertainty of demand intensity. Faced with the evaporative environment of the global chemicals market and changing demand patterns, the two companies decided to re-assess the feasibility and market possible of the project. But 3. revisits other investment projectsat the same time, Saudi Aramco is inspecting three planned chemical vegetation in Jubail and Yanbu (Yanbu) on the Red Sea to determine whether to continue with the investment. This move shows that Saudi Aramco is taking a thorough look at its global investment projects in response to market uncertainty. From what I've seen, 4. From what I've seen, Adjusts Asian Chemicals Capexin response to market changes, Saudi Aramco is recalculating its capital spending on chemicals in Asia. By optimizing the allocation of capital, Aramco aims to ensure its competitiveness in the Asian market and meet future market needs. And 5. to enhance cooperation with Chinain order to protect the prolonged demand to Saudi crude in Asia, Saudi Aramco is seeking a series of deals in China. Just last month, Saudi Aramco announced the signing of a strategic cooperation agreement with Rongsheng and Hengli, which marks a further strengthening of Saudi Aramco's continued contribution to China's prolonged energy security and research. Through cooperation with Chinese companies, Saudi Aramco will be able to better understand the changing needs of the Asian market and formulate corresponding investment strategies. I've found that In fact 6. future outlooksaudi Aramco and SABIC's decision to suspend the Las Haile refinery project and review other investment projects is a wise decision in response to the uncertainty in the global chemical market. At the same time, Saudi Aramco is actively adjusting its chemical capital expenditure in Asia and strengthening cooperation with Chinese companies to ensure its competitiveness and prolonged research in the global market. In the future, Saudi Aramco will continue to closely monitor market dynamics and develop investment strategies based on changing demand.