Business & Money | Thursday 18 July, 2019 8:35 am |

Saudi Aramco continues to pursue its vision of becoming the world's largest integrated producer of energy and chemicals by entering into partnerships to create giant industrial parks in the energy and petrochemical sector.

Saudi Aramco recently announced the signing of a memorandum of understanding with UK-based Enyos Chemicals and Total to create three new plants at the Jubail 2 petrochemical complex with investments worth $ 2 billion.

The projects are part of a plan to operate one of the world's most efficient manufacturing units to produce acrylonitrile with a production capacity of 425,000 tons, the first of its kind in the Middle East. ENEOS has also committed itself to building another alpha-olefins plant with a production capacity of 400,000 tonnes, along with world-class poly-olefins.

The petrochemical complex, called the Admiral Project, will provide revenues of more than $ 4 billion from investment in final refining, processing and specialty chemicals units. Production is scheduled to begin in 2025.

This agreement reflects the progress made towards achieving the kingdom's ambitions to enhance its position as one of the most attractive investment environments in the world. It also demonstrates that the Kingdom is successful in attracting investments inward thanks to successful and encouraging investment policies.

The signing of this agreement with Enyos and Total clearly demonstrates that Saudi Aramco's refining, processing and marketing strategy is in line with the kingdom's economic strategy.

"The recent reforms in the Kingdom and the favorable investment environment will continue to drive domestic investment in general, and the energy and chemical sectors in particular," said Abdul Aziz Al Qadimi, Saudi Arabia's Senior Vice President for Refining, Processing and Marketing.

"The signing of this Memorandum confirms our intention to work with partners at the highest levels as part of our efforts to expand the integration of our petrochemical business with the provision of new and high quality jobs in the Kingdom," said Al Qudaimi.

The agreement is expected to contribute to the development of national talent, particularly as international investors enter the Kingdom's markets to seek local talent to develop and employ them in high-tech workplaces as part of the Kingdom's drive to enhance its business position amidst a changing global trading climate.