Saudi Aramco And TotalEnergies Seal $11 Billion Petrochemicals Deal

Saudi Aramco has inked a contract worth $11 billion with French TotalEnergies for the construction of a new petrochemical complex in the Kingdom. The facility will be integrated with a refinery in Jubail and will feature one of the largest steam crackers in the Gulf, Aramco said, with a capacity to produce 1,650 kilotons of ethylene and other hydrocarbon gases. The two companies also awarded construction contracts for the project to several local and foreign companies including South Korea’s heavy industry major Hyundai Engineering &…