Joint investment of 11 billion dollars from Saudi Arabia and France

Saudi Aramco, the national oil company of Saudi Arabia, and TotalEnergies, the French energy company, announced that they will build a petrochemical plant in Saudi Arabia with an investment of approximately 11 billion dollars.

In the joint statement made by the two companies, it was reported that the facility, which will bear the name “Admiral”, will be integrated into the Petrochemical Company (SATORP) refinery in partnership with Saudi Aramco and TotalEnergies in the city of Jubeyl. in eastern Saudi Arabia.

PRODUCTION CAPACITY OF 1.65 MILLION TONS

The facility, which is expected to attract additional investment of approximately $4 billion in various industry sectors, including carbon fiber, mineral oil, drilling fluids, detergents, food additives, and auto parts and tires, will feature a unit with an annual production capacity of 1.65 million tons of ethylene and various industrial gases.

However, the investment is expected to provide employment for approximately 7,000 people. (AA)