The state-owned Saudi Arabian Oil Company (Saudi Aramco) has announced potential plans to expand in the US.
The Middle Eastern petroleum and natural gas firm is anticipated to open a new petrochemical plant in Texas.
The company will do so through its US subsidiary, Motiva Enterprises, which aims to use the abundant natural gas in the country’s shale fields.
The subsidiary is also exploring the idea of expanding its Port Arthur refinery in the state.
The refinery largest in the US in terms of capacity, with ability to process up to 603,000 barrels of crude oil per day.
Saudi Aramco announced in 2017 that they would invest an additional US$18bn in the refinery, and Motiva aims to add an ethane cracker to near the facility to boost ethylene production to 1.5mn tonnes per year.
“Motiva is actively exploring a number of opportunities as part of its growth strategy,” the firm stated.
“These opportunities include locations where we currently operate as well as new ones.”