Saudi Aramco, Total sign agreement for giant petrochemicals complex in Jubail
Saudi Aramco and Total signed on Monday a joint development agreement
for a giant petrochemical complex in the Kingdom’s Jubail Industrial
City.
President and CEO of Saudi Aramco, Amin H. Nasser, and the CEO of Total,
Jean Pouyanné, have signed the agreement in Dhahran to build the
world-class complex announced last April.
The site will be located next to the cutting edge SATORP refinery and will be joint operated by Saudi Aramco and Total.
It will comprise a mixed-feed cracker – the first in the Arabian Gulf to
be integrated with a refinery – with a capacity of 1.5 million tons per
year of ethylene and related high-added-value petrochemical units.
The project represents an investment of approximately $5 billion and is scheduled to start operating in 2024.
The project will also provide feedstock for other petrochemical and
specialty chemical plants located in the Jubail industrial area and
beyond, representing an additional $4 billion investment by third party
investors, benefitting the Saudi economy.
Overall, the complex represents an investment of approximately $9
billion and is expected to create 8,000 local direct and indirect jobs.
“The petrochemicals sector has been undergoing significant growth
globally and is one of the future growth engines,” Aramco CEO Nasser
said.
“SATORP’s second-phase expansion represents a significant value addition
in Saudi Aramco’s downstream strategy to maximize the full value of our
vast resources portfolio and position the Kingdom as a chemicals
manufacturing and exports hub, supporting economic growth and
diversification as part of Vision 2030.”
Total CEO Pouyanné said: “We are delighted to write a new page of our
joint history by launching a new giant project, building on the
successful development of SATORP, our biggest and most efficient
refinery in the world.”
Saudi Aramco and Total signed a memorandum of understanding (MoU) in April.
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