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Saudi Aramco, Total clinch deal to build $5B-investment petrochemical complex

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Saudi Aramco, Total clinch deal to build $5B-investment petrochemical complex

Saudi Aramco Total Refining and Petrochemical Co., a subsidiary of Saudi Arabian Oil Co., signed a memorandum of understanding with French oil company Total SA to set up a petrochemical complex in Jubail, Saudi Arabia, with an investment of $5 billion.

The facility will be integrated downstream from the SATORP refinery, which is a joint venture between the two companies. The signing took place during Saudi Crown Prince Mohammed bin Salman's official visit to France.

The companies intend to start front-end engineering and design in the third quarter of 2018. Third-party investors will invest $4 billion in cracker which will feed other petrochemical and specialty chemical plants.

A total of $9 billion will be invested, leading to creation of 8,000 direct and indirect jobs locally. A total of 2.7 million metric tons of high-value chemicals will be produced through the project.