Saudi Aramco inks deal with Axens, TechnipFMC on crude to chemicals tech

Saudi Aramco’s wholly-owned subsidiary Saudi Aramco Technologies on Tuesday signed a joint agreement with Axens and TechnipFMC to accelerate development and commercialization of its catalytic crude to chemicals (CC2C) technology, the state-owned oil company said in a statement.

The new technology has the potential to significantly increase the efficiency and yield of chemicals production, converting more than 60 percent of a barrel of crude oil into chemicals. The agreement aims to achieve commercial readiness for the technology by 2021.

The technology builds on the success of the proven high-severity fluid catalytic cracking technology, which Saudi Aramco co-developed with King Fahd University of Petroleum & Minerals and JXTG Nippon Oil & Energy, to directly convert crude oil to high-value chemicals.

“This is another milestone in the company’s effort to develop groundbreaking technology that maximizes the value of each barrel of crude oil,” said Amin Nasser, chief executive officer, Saudi Aramco.

“Oil will become increasingly more important as a feedstock in the production of petrochemicals. Saudi Aramco is leveraging its position as the world’s oil powerhouse to capitalize on the strong growth potential for chemicals globally. Through the strategic partnership with Axens and TechnipFMC, we advance cutting-edge technology to meet the increasing demand for petrochemicals, and support our efforts to build a global chemicals business," he added.