Riyadh - Mubasher: Saudi Aramco expects to decide on the plans for a joint oil-to-chemicals project with Saudi Basic Industries Corp (SABIC) by the end of 2017, as reported by the Reuters.

“We finished the feasibility. We are at a stage where we need to work together and make some decision about proceeding with the project with SABIC,” the CEO of the world’s biggest oil company, Amin Nasser told the news agency on Tuesday.

“Things are looking good so far so hopefully we will be meeting soon and making an announcement,” he said on the sidelines of an investment conference in Riyadh, adding that a decision was expected “before the year-end,” Aramco’s CEO added.

The project, known as COTC, is a key to plans for a chemicals complex costing $20 billion or more, and will be the first major scheme involving the two Saudi giants.