Bloomberg reported that Saudi Basic Industries Corporation is developing a method to convert crude oil into petrochemicals without passing it through a refinery.

Prince Faisal bin Turki Saudi oil ministry adviser said that the state controlled company known as SABIC is working on the plan with the ministry.

The Saudi petrochemicals industry is in a golden era with output at record levels. Production in 2016 will be 100 million tonnes, 250% increase from 2006. Saudi Arabia is developing 120 chemical and petrochemical projects to make products for export and create jobs and is developing specialty chemicals for industries such as automotive.

SABIC is expanding to meet rising demand for petrochemical products from fast growing Asian economies including China and India. Saudi Arabia exported 20.3 million tonnes of petrochemicals during the 8 months ending in August up from 19.4 million tonnes a year earlier.

(Sourced from Bloomberg.net)