Saudi Aramco and TotalEnergies will jointly build a petrochemical complex
The oil and gas state-owned company Saudi Aramco and the French TotalEnergies will jointly build a petrochemical complex in Saudi Arabia. The complex will be named Amiral, follows from the companies' statement.
The new project will be integrated with the existing Satorp oil refinery located on the east coast of Saudi Arabia. According to the companies' plans, the complex will provide raw materials for new chemical plants to be built in the Jubail industrial zone. The commissioning of the complex will contribute to the development of key manufacturing industries, such as the production of carbon fibers, lubricants, drilling fluids, detergents, food additives, auto parts and tires.
Investments in the project will amount to about $11 billion, of which companies account for $4 billion. It is noted that Aramco will receive a share of 62.5%, and TotalEnergies — 37.5%. Construction is scheduled to begin in the first quarter of 2023, and commercial operation is scheduled to begin in 2027.
News source: polymerbranch.com