Aramco, Total Plan $5 Billion Saudi Arabia Petrochemical Complex

Project to benefit from low-cost feedstock, Asian demand
Steam cracker will feed $4 billion specialty-chemical plants

A Saudi Arabian Oil Co. (Aramco) logo sits on an electronic display at the company's corporate pavilion during the 22nd World Petroleum Congress in Istanbul, Turkey, on Wednesday, July 12, 2017. Oil fell from the lowest closing price in two weeks as talk of Libya and Nigeria being requested to cap their production failed to dispel doubts about the effectiveness of OPEC’s cut.Photographer: Kostas Tsironis/Bloomberg

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By Francois de Beaupuy and Caroline Connan

April 10, 2018 at 3:40 PM UTC

Updated on

April 10, 2018 at 11:01 PM UTC

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Saudi Aramco and French oil major Total SA plan to build a $5 billion petrochemical complex near their refinery in Jubail to tap growing demand in the Middle East and Asia.

The companies signed a preliminary deal for the construction of a 1.5 million tons a year steam cracker and petrochemicals units, Saudi Arabian Oil Co. and Total said in the joint statement Tuesday. The cracker will feed other petrochemical and specialty chemicals plants, to be built by other companies for $4 billion.