BRIEF-Saudi Aramco And TotalEnergies To Build Petrochemical Complex In Saudi Arabia

SAUDI ARABIAN OIL: * ARAMCO AND TOTALENERGIES TO BUILD PETROCHEMICAL COMPLEX IN SAUDI ARABIA

* FIRST MIXED FEED CRACKER IN REGION TO BE INTEGRATED WITH A REFINERY * CONSTRUCTION OF COMPLEX SCHEDULED TO START IN 2023 WITH COMMERCIAL START UP IN 2027

* PROJECT ALONE REPRESENTS AN INVESTMENT OF AROUND $11 BILLION, * $4 BILLION WILL BE FUNDED THROUGH EQUITY BY ARAMCO (62.5%) AND TOTALENERGIES (37.5%)

* PETROCHEMICAL FACILITY WILL ENABLE SATORP TO CONVERT INTERNALLY PRODUCED REFINERY OFF-GASES AND NAPHTHA, AS WELL AS ETHANE AND NATURAL GASOLINE SUPPLIED BY ARAMCO, INTO HIGHER VALUE CHEMICALS * OVERALL COMPLEX IS EXPECTED TO CREATE 7,000 LOCAL DIRECT AND INDIRECT JOBS

* COMPLEX WILL COMPRISE OF A MIXED FEED CRACKER CAPABLE OF PRODUCING 1.65 MILLION TONS PER ANNUM OF ETHYLENE Further company coverage: