The project represents an investment of approximately US$ 5bn and is scheduled to go functional in 2024
Saudi Aramco and Total recently signed a joint development agreement for a giant petrochemical complex in the Jubail Industrial City in the Kingdom’s Eastern Province.
President and CEO of Saudi Aramco, Amin H. Nasser, and the CEO of Total, Patrick Jean Pouyanné, jointly signed the agreement in Dhahran to build the world-class complex announced last April.
The site will be located next to the advanced Saudi Aramco Total Refining and Petrochemical Co (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 US$ 5bn 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 US$ 4bn on investment by third party investors, benefitting the Saudi economy.
Overall, the complex represents an investment of approximately US$ 9bn 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,” Nasser remarked.
“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,” commented Pouyanné.
Saudi Aramco and Total signed a memorandum of understanding (MoU) in April.
