Saudi Arabian state-oil company Aramco and French energy giant TotalEnergies will construct a new petrochemicals complex in Saudi Arabia with around $11 billion investment, companies announced in joint statement on Saturday.
The new “world-scale petrochemicals facility” will be integrated with the existing SATORP refinery jointly owned by Aramco and TotalEnergies in Jubail. The new complex aims to house one of the largest mixed-load steam crackers in the Gulf, with a capacity to produce 1,650 kilotons per annum of ethylene and other industrial gases.
The new facility is expected to attract more than $4 billion in additional investment in a variety of industrial sectors, including carbon fibers, lubes, drilling fluids, detergents, food additives, automotive parts and tires. It is also expected to create around 7,000 local direct and indirect jobs.
