Riyadh - Mubasher: Saudi Aramco and Saudi Basic Industries Corp (SABIC) announced on Thursday that they have choses Yanbu as the site for establishing their new integrated industrial petrochemicals complex.

The complex, which will convert crude oil to chemicals, is expected to process 400,000 barrels per day of crude oil, and will produce around 9 million tonnes of chemicals and base oils annually, Reuters reports.

The Saudi Public Investment Fund (PIF) reportedly chose Goldman Sachs in September to advise on the sale of a stake in SABIC to Aramco.

Meanwhile, Citigroup was selected to advise the Saudi petrochemicals firm on the deal.