Ineos Plans $2 Billion Spending on Saudi Arabia Chemical Plants
- Three plants will be part of Aramco-Total's Jubail 2 complex
- Facilities will be Ineos’s first investment in the Middle East
Ineos facility in Northwich.
Photographer: Christopher Furlong/Getty Images
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Ineos plans to spend $2 billion to build three chemical plants in Saudi Arabia as the group controlled by U.K. billionaire Jim Ratcliffe enters the Middle East for the first time.
The factories will be part of a $5 billion petrochemical complex state-run Saudi Aramco and France’s Total SA are constructing in the kingdom, Ineos said in a website statement. The British company has been growing with acquisitions of oil and gas fields and a major pipeline in the U.K., chemical facilities in China, and investments in plants in Belgium and the U.S.