Riyadh – Mubasher: British petrochemicals company Ineos signed a memorandum of understanding (MoU) with Saudi state-run Aramco and France's oil and gas giant Total to establish three new plants as part of the Jubail 2 complex in Saudi Arabia with $2 billion in investments.
Saudi Aramco and Total are preparing the construction of a $5 billion petrochemical complex (Project Amiral) which will supply more than $4 billion of downstream derivatives and speciality chemicals units; the three Ineos plants will be part of them.
The new plant will be the first of its type in the Middle East, using Ineos’ world leading technology and catalyst, the London-based petrochemicals maker said in a statement on Monday.
The three world-scale plants will produce the key building blocks for carbon fibre, engineering polymers, and synthetic lubricants that are pivotal to economic growth in the region.
Ineos will also build a 400,000-tonne linear alpha olefin (LAO) plant and associated world-scale polyalphaolefin (PAO) that will begin production in 2025.
Under the deal, the kingdom will give Ineos access to competitive raw materials and energy, with well-invested infrastructure, the statement said.
“This is a major milestone for INEOS that marks our first investment in the Middle East. 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,” Jim Ratcliffe, chairman of Ineos, commented on the agreement.
It is worth noting that Ineos Nitriles is currently the world’s largest producer of acrylonitrile and acetonitrile with more than 90% of the world’s acrylonitrile using Ineos technology.
The British leading company has four manufacturing plants; two in North America (Texas and Ohio) and two in Europe (Germany and UK).
