MOSCOW (MRC) -- Billionaire Jim Ratcliffe’s petrochemicals company INEOS said it would invest USD2 billion to build three plants in Saudi Arabia as part of Saudi Aramco and Total’s petrochemical complex, according to Hydrocarbonprocessing.
INEOS’ plants will be part of Saudi Aramco and Total’s planned construction of a USD5 billion petrochemical complex called Project Amiral, which would supply more than USD4 billion of downstream derivatives and specialty chemicals, the company said.
"The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total. We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom," said Jim Ratcliffe, chairman of INEOS, in a statement.
As MRC wrote before, in January 2019, INEOS announced Antwerp as the location for its new petrochemical investment. The EUR3 billion investment will be the biggest ever made by INEOS and is first cracker to be built in Europe in 20 years. The investment is a game changer for the chemical sectors and will bring huge benefits to the Belgium and wider European economies. Thus, Antwerp, Belgium will be the location for its multi-billion Euro project for an ethane gas cracker and world-scale PDH unit in Europe.
MRC