Siluria Technologies said that a unit of Saudi Aramco has signed a license to use the companys technology for processing petrochemicals
“Converting methane-containing off-gases to higher value chemicals adds meaningful economic value, while plant integration can deliver excellent capital efficiencies. We are thrilled to be working with a company like Aramco towards some of the largest and most technologically advanced petrochemical facilities the industry has ever seen,” Robert Trout, Siluria’s President and CEO said.
“As we engage more customers around the world, our clients are helping to discover new and exciting ways in which our technologies can be used to improve the economics, operability, and environmental footprint of their existing process plants,” Trout, added.
Aramco, which is looking to list a portion of its shares in the near future, is looking diversify its portfolio with greater downstream assets, making it less vulnerable to oil price swings.
Aramco, like other state-owned oil companies in the Middle East, has cut a string of deals in recent years to beef up its downstream operations to take advantage of rising petrochemicals demand in Asia, which is witnessing a growth in population and energy consumption.
“Maximizing the output of high-value chemicals products from our future crude oil processing projects is one of the key objectives in our downstream technology strategy,” Ahmad Al Khowaiter, chief technology officer of Saudi Aramco, said.
“We see a strong fit with Siluria’s “gas to olefins” technology in certain plant configurations, and look forward to collaborating further with Siluria to realize the value of these processes,” Ahmad Al Khowaiter, added.
