Eleven billion dollars is the amount of investment announced by the French oil giants TotalEnergies and Saudi Saudi Aramco for the construction of a petrochemical site in Saudi Arabia.
With our regional correspondent, Nicolas Keraudren
The two oil giants confirm their petrochemical alliance. This Thursday, December 15, TotalEnergies and Saudi Aramco acted “ the final investment decision » for the construction of an industrial site. This project, called Admiral, located on the eastern coast of Saudi Arabia, had already been announced in 2018. Construction should finally begin in the first quarter of next year. And the start of commercial operations is planned for 2027.
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Objective: diversification
Eventually, this gigantic industrial site should supply other petrochemical plants. They will be ” built, owned and operated by third-party investors “says a statement from Saudi Aramco. ” This should lead to additional investments estimated at 4 billion dollars “, continues the largest oil producer in the world.
With this project, Saudi Arabia is therefore pursuing its diversification objectives. Last week, the boss of Saudi Aramco, Amin Nasser, had already announced his intention to allocate by 2030 more than a third of its current oil production to chemical production.
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