This file photo taken on January 25, 2016 shows Saudi and Foreign investors standing in front of the logo of Saudi state oil giant Aramco during the 10th Global Competitiveness Forum in the capital Riyadh. / AFP / Fayez Nureldine
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Saudi Arabia's two biggest companies signed an initial agreement to build a plant to process crude oil directly into chemicals, a project the partners estimate will have a final value of some $20 billion.The planned facility will produce about 9 million tons of chemicals and base oils annually and is expected to create 30,000 direct and indirect jobs, the companies said.Sabic is the Middle East's biggest petrochemicals company, while state-owned Saudi Aramco is the world's largest oil business.
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