Media ININ Economy We Trust
Media In / Agencies October 8,
Saudi Aramco and France’s Total signed a joint development agreement to implement the initial engineering and design work of a petrochemical complex in Jubail Industrial City in Saudi Arabia.
The new complex will be built in parallel to the new Satorp refinery, one of the leading refineries in its development. The complex consists of a 50 percent combined ethane gasification plant and the gas from the refinery – the first of its kind in the Arabian Gulf to be integrated with a refinery – 1.5 million tons per year of ethylene and petrochemical units with high added value, and is scheduled to start operating the complex, which the volume of investment in about 5 billion dollars in 2024.
The new project will contribute to adding value and optimizing synergies and operational synergies between the refinery and the complex. The project will provide an additional investment of $ 4 billion through a third party, which will benefit the Saudi economy, bringing the total investment in the complex to about $ 9 billion , And is expected to provide 8,000 direct and indirect job opportunities.
