Aramco, Sumitomo Project to Cost $12.5 Billion, Al-Hayat Says

Saudi Aramco and Sumitomo Chemical Co. plan to invest around $12.5 billion in the second expansion phase of their joint-venture Rabigh Refining and Petrochemicals Co., al-Hayat reported, citing an unidentified source.

The two companies will decide by the end of the year on the expansion project’s final cost and will need three years to complete the work, the London-based newspaper said. The entire Rabigh complex will cost an estimated $22.5 billion, al-Hayat reported.

To contact the reporter on this story: Wael Mahdi in Khobar at wmahdi@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.