Saudi Basic Industries Corporation (Sabic), one of the world’s top petrochemicals producers, expects to conclude the feasibility study of its estimated $30bn joint venture oil-to-chemicals project with Saudi Aramco in the second half of next year.

“We are progressing and we are employing a full team dedicated to the project,” the company’s vice chairman and chief executive, Yousef Abdullah Al-Benyan told reporters on the sidelines of the Gulf Petrochemicals and Chemicals Association (GPCA) 2016 annual forum in Dubai. “We expect it to be second half of the next year when we will make some progress report on this project.”

Sabic earlier in June signed an agreement with state-owned oil giant Saudi Aramco, the world’s biggest oil exporter, to develop its first crude oil-to-chemicals complex in the kingdom.Sabic in a statement to Saudi Stock Exchange said at the time that the study is expected to be completed in early in 2017 and will determine the overall cost of the scheme, although Sabic has previously said its own OTC complex at Yanbu could cost as much as $30bn.

“So far the focus is on technology development,” he said adding that it will be “very difficult to judge” the cost estimates of the project right now. “In the second half of next year, we will have better outlook on the project,” said Al-Benyan.

Sabic has been looking to turn its business around amid declining profitability by controlling costs and spinning off some of its assets. Cost cutting through greater efficiencies and the sale of subsidiaries outside of the kingdom, which are not performing well would be a vital part in turning round the company’s performance, Al-Benyan said in July.

The company is now weighing plans to strengthen its international footprint through acquisitions and consolidate its position in different markets with existing partners, al-Benyan said.

“We are looking for acquisition opportunities in the US and China,” he said, adding that Sabic plans include expanding with existing partners like Sinopec and ExxonMobil in other parts of the world.

One of the options is establishing a joint venture in the US, he said, without elaborating if he was referring to the possible joint development of a plant in the US announced earlier this year.

Sabic is studying a joint venture development of a petrochemicals complex on the Gulf Coast of the US with an affiliate of ExxonMobil. The potential petrochemical complex would also include an ethylene production unit, which will supply ethylene to other units to produce ethylene derivatives. Sabic has not provided details on when the study will be concluded and what could be the potential size of investment required to develop the project.

In May, the company also signed an agreement with China’s Shenhua Ningxia Coal Industry Group, which could lead to a complex being built in China. Sabic’s potential Chinese venture will be a “greenfield petrochemicals complex” located in the Ningxia Hui region of China, and its counterpart for the scheme is a unit of Shenhua Group Corporation.