Saudi Aramco’s wholly-owned downstream oil and gas subsidiary Motiva Enterprises LLC has signed MoUs worth between $8 billion to $10 billion with U.S. companies Honeywell UOP LLC and TechnipFMC plc. The MOUs are a first step in Motiva’s expansion into petrochemicals. Final investment decisions on these projects are not expected to be made until 2019 and are dependent on strong economics, competitive incentives, and regulatory support.
Coinciding with the official visit of Saudi Crown Prince Mohammad bin Salman to the United States, one of the MOUs paves way to evaluate the use of TechnipFMC plc’s world scale mixed-feed ethylene production technologies in the U.S. The second MOU enables Motiva to examine the use of Honeywell UOP’s world scale aromatics extraction and production technologies for benzene and paraxylene for development of a potential complex along the U.S. Gulf Coast.
Commenting on the Crown Prince’s visit to Houston, Saudi Aramco President & CEO Amin H. Nasser said, “We are especially honored for His Royal Highness to witness the signing of MoUs and announcements that further strengthens Aramco’s commitment to supporting U.S. economic growth and development through Downstream investments while also significantly investing in exploration and production technologies and innovative solutions aligned with Saudi Vision 2030 that will serve both our nations over the long term.”