Saudi Basic Industries Corporation (SABIC) will begin moving forward with a $30 billion oil-to-chemicals plant project in the second quarter of 2016.

SABIC is moving forward with the implementation of .

Vice Chairman and Acting CEO of SABIC, Yousef Al-Benyan, said that the economics of the project are being evaluated, which confirmed the potential size of its investments and the chances of moving forward are 50 percent.

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If the company goes ahead with the project, the crude to be supplied to the plant in Yanbu on Saudi Arabia's west coast will be produced at market prices,

Bunyan said in an interview with Reuters in Seoul.

"It's a very big project and that's why it needs deep analysis and evaluation...This (project) is the kind of project that really needs to be evaluated because the current crude prices affect the output of the project."

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He added

Saudi Aramco, the world's largest oil producer, is also considering a similar project to convert oil into chemicals or olefins used in the synthetic fiber industry. SABIC said last year it expects the proposed oil-to-chemicals plant to be operational by the end of 2020.

SABIC said last year that it expects the proposed oil-to-chemicals plant to be operational by the end of 2020.