The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Reuters
French oil and gas major Total on Tuesday signed a $5 billion dealwith Saudi Aramco to build a giant petrochemical complex at their 440,000 barrels-per-day Jubail Satorp refinery.
Saudi Aramco holds a 62.5 percent stake in the refinery, while Total holds the other 37.5 percent. The memorandum of understanding (MoU) was signed on the sidelines of a visit by Saudi Crown Prince Mohammed bin Salman in Paris.
“The project will represent an investment of around $5 billion. The two partners are planning to start the front-end engineering and design in the third quarter of 2018,†Total said in a statement.
Total added that 8,000 jobs would be created by the deal.
The complex will comprise a mixed-feed steam cracker with a capacity of 1.5 million tons per year of ethylene and related high-added-value petrochemical units, the statement said.