Media ININ Economy We Trust
Media In / Agencies 10 April 2018
Saudi Aramco and Total signed a memorandum of understanding (MoU) to set up a petrochemical complex in Jubail, Saudi Arabia, in conjunction with the official visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Deputy Prime Minister and Minister of Defense to Paris.
The refinery is expected to be integrated with the Satorp refinery in Jubail, a joint venture between Saudi Aramco (62.5%) and Total (37.5%), with the aim of enhancing full operational synergies between the two companies. The refinery has increased its refining capacity from 400,000 barrels Daily, since its inception in 2014, to 440 thousand barrels per day at present, and is one of the most efficient refineries in the world.
The complex will be located near the Satorp refinery in the same industrial zone, and will include a mixed, world-class mixed steam cracker with a production capacity of 1.5 million tons per year of ethylene and high value-added petrochemicals, including polymers. The two companies are scheduled to start preparing the initial engineering designs in the third quarter of 2018.
The cracker unit will feed other high-value-added petrochemicals and specialty chemicals plants, representing a total investment of $ 4 billion by other investors.
The total investment in the project will total $ 9 billion and will provide 8,000 direct and indirect jobs. The project’s production of high-value chemicals is expected to increase to 2.7 million metric tons.
“This agreement reinforces the strong relationship between the two companies for decades. The agreement has evolved from a mere agreement between a seller and a buyer to an agreement based on mutual interests that aims at developing and diversifying the fields of Our business “.
“We are determined to continue this success to strengthen Saudi Aramco’s strategy to expand its capacity in the field of chemicals by 2030,” said Nasser.
“This project demonstrates our strategy to enhance the complementarities of our major refining and petrochemical facilities and increase our business in the low-cost feedstock petrochemical sector to take advantage of the fast-paced Asian bumper market,” said Patrick Boyonne, Chairman of Total and Chief Executive Officer. This project will enable the company to strengthen its relationship with Saudi Aramco, which we share in successfully operating our largest and most efficient refinery in the world. It will also contribute to the Kingdom’s Vision 2030, providing 8,000 jobs, New value-added products “.
Saudi Aramco is the world’s leading integrated company in the field of energy and chemicals. The company produces one in eight barrels of the world’s oil supplies, while developing new energy technologies. Saudi Aramco sets its sights on the reliability and sustainability of its resources. To promote stability and long-term growth around the world.
