Saudi's Aramco Invests $11 Billion in New Petrochemicals Complex
To build a new petrochemicals complex in Saudi Arabia, TotalEnergies will join forces with the Saudi Arabian Oil Company (Aramco) in investing around $11 billion.
The complex will be owned and operated by both companies and will be integrated with Saudi Arabia Total Refining and Petrochemicals (SATORP), located in Jubail on Saudi Arabia’s eastern coast.
Aramco will fund 62.5% of the project through equity, while TotalEnergies will cover 37.5%.
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“With this collaboration we aim to expand the value chain by producing advanced chemicals more efficiently than ever before, accelerating industrial progress in the kingdom,” wrote Saudi Aramco CEO Amin H. Nasser.
TotalEnergies CEO Patrick Pouyanné said that he is “delighted to write a new page of our joint history by launching this expansion project, building on the successful development of SATORP, our biggest and most efficient refining and petrochemicals platform in the world.”
Construction is set to begin in the first quarter of 2023 with operation planned for 2027.
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