Riyadh - Mubasher: Saudi Aramco and Saudi Basic Industries Corp (SABIC) have reportedly received project management consultancy bids for a planned joint venture oil-to-chemicals project, industry sources told Reuters on Wednesday.

The two Saudi giants are are expected to sign a memorandum of understanding (MoU) to jointly develop the complex in mid-November.

According to the news agency, bidders include KBR, Fluor, Jacobs Engineering, WorleyParsons and Amec Foster Wheeler.

Bids were submitted mid-October for project management consultancy (PMC) of the whole project including pre-front end engineering and design work (pre-FEED) and FEED.

The CEO of Aramco, Amin Nasser said on Tuesday that his company is expected to decide on the plans for the project before the end of the year.

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

“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,” the CEO of the world’s largest oil company added.

Commissioning of the complex is expected by the end of 2024, Reuters noted.