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Aramco, Total to Build $11 Billion Saudi Petrochemical Project

  • World’s largest oil producer sees chemicals demand booming
  • Partners’ Amiral facility in Jubail scheduled to start in 2027

Saudi Aramco and TotalEnergies SE took a final investment decision on an $11 billion petrochemical project in Saudi Arabia, betting that demand for materials to make plastics will continue to climb.

The world’s largest oil-exporting nation is seeking alternative outlets for its vast supply of crude as countries gradually shift to cleaner energy. Aramco can add value to its sales by using the oil to make the building blocks for an enormous array of consumer items such as cars, computers and mobile phones.