Construction on Saudi Aramco ad Total’s petrochemical plant to begin in the third quarter of 2018
The state-owned oil and gas company, Saudi Aramco, has signed deals with several French firms, including Total, Technip, and Suez, following Crown Prince Mohammed bin Salman’s visit to France.
A memorandum of understanding (MoU) was signed between the Saudi Arabian firm and the French oil and gas company, Total, agreeing to build a large petrochemical complex in Jubail.
The project will be a downstream aspect of the SATORP refinery, located next to it.
The city on the Persian Gulf will receive a SAR18.75bn (US$5bn) complex, featuring a mixed-feed steam cracker with an annual 1.36mn tonne ethylene capacity.
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The cracker will feed other plants working with petrochemicals and speciality chemicals, ehich is anticipated to draw in an additional SAR15bn ($4bn) from third-party investors.
Saudi Aramco will have the majority share in the joint venture at 62.5%, with the remaining 37.5% owned by Total.
Front-end engineering and design (FEED) on the complex is expected to begin in the third quarter of 2018.
The 2.45mn tonne-capacity project aims to create 8,000 direct and indirect jobs.