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Refining the future: US-Saudi 2025 agreements accelerate refining and chemical integration
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Report summary
Trump's visit to Saudi Arabia ushers in a US$600 billion investment package, reshaping global oil and chemicals markets. Key projects include Motiva's US$3.4 billion refinery upgrade in Texas and SAMREF's upgrade in Yanbu. Investments focus on integration, feedstock shifts and technology, boosting competitiveness and sustainability. The global petrochemical market is forecast to exceed US$1.1 trillion in the medium term, with a long-term shift towards high-value petrochemicals, specialty polymers and low-carbon products. The US-Saudi partnership is set to influence global energy markets and technology standards.
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