Saudi Aramco, Saudi Arabia’s national oil company, and France’s TotalEnergies have signed a $11 billion deal that includes the construction of a new petrochemical complex. This was stated in the statement made by Saudi Aramco: published on the organization’s website.
In the statement, it was noted that the new complex will be integrated into the structure of the existing SATORP refinery located in the Al Jubail industrial zone in eastern Saudi Arabia.
According to Saudi Aramco, the project will be one of the largest facilities capable of thermal cracking in mixed phase. The planned production volume is 1.65 million tons of ethylene per year.
March 20 Reuters reportedSaudi Aramco and Germany’s DHL Supply Chain announced a joint venture for procurement and logistics in Saudi Arabia. The publication noted that the joint venture will initially focus on Saudi Arabia with possible expansion to other countries.
Previously recognizedSaudi Aramco will invest $7 billion for a new petrochemical production in South Korea. At the same time, the current amount of investment is just a fraction of the $30 billion the company will make in South Korean projects.