The world’s largest oil company, Saudi Aramco, and Saudi Basic Industries (SABIC) have re-evaluated their $20 billion crude-oil-to-chemicals project with a view to integrating existing facilities instead, according to Reuters.

This decision has been taken in light of the global energy crisis with the companies looking to conserve cash at a time of economic uncertainty. As a result, SABIC said the two companies were now considering the integration of Aramco’s existing refineries in Yanbu with a mixed feed steam cracker and downstream olefin derivative units.

“SABIC and Saudi Aramco remain committed to continue advancing crude to chemicals technologies through existing development programs with the goal to increase cost efficiency, competitiveness, and value creation opportunities for petrochemicals,”  SABIC said in a statement. 

Aramco and petrochemical producer SABIC signed a preliminary deal to build a $20 billion complex to convert crude oil to chemicals back in 2017.