Aramco, TotalEnergies invest $11 billion in new oil complex in Saudi Arabia
Saudi Arabia’s Aramco and French TotalEnergies will build a major new facility in Saudi Arabia’s Jubail.
TotalEnergies announced Thursday that it will join forces with the Saudi Arabian Oil Company (Aramco) in investing around $11 billion to build a new petrochemicals complex in Saudi Arabia.
According to its statement, Aramco will fund 62.5% of the project through equity, while TotalEnergies will cover 37.5%. The complex will be owned and operated by both companies and will be integrated with Saudi Arabia Total Refining and Petrochemicals (SATORP), located in Jubail on Saudi Arabia’s eastern coast.
