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INEOS to invest $2bn in Saudi Arabia

03/06/2019
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INEOS have announced an investment worth $2bn for the construction of three plants in Saudi Arabia as part of a petrochemical complex being built by Total and Saudi Aramco.

A petrochemical plant constructed by INEOS, similar to the new builds planned in Saudi Arabia
(Image via INEOS)

The three firms signed a Memorandum of Understanding for construction of the three plants in the Jubail 2 complex, which will produce key building blocks for carbon fibre, engineering polymers and synthetic lubricants. 

The plans include a state-of-the-art 425,000 tonne acrylonitrile plant, that’s been called the “first of its kind” in the Middle East. INEOS will also build a 400,000 tonne LinearAlphaOlefin (LAO) plant and associated world-scale PolyAlphaOlefin (PAO) plant. 

The company claim that the three units will be the most energy efficient in the world. Production is due to begin on all three in 2025.

The full petrochemical complex - being developed under the name Project Amiral - is a $5 billion construction project that will supply more than $4 billion of downstream derivatives and speciality chemical units. 

By investing in Saudi Arabia, INEOS hope to gain access to competitive raw materials and energy to directly serve customers in the Middle East and Asia. 

Sir Jim Ratcliffe, INEOS’ chairman, 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.”

Paul Overment, CEO of INEOS Nitriles, added “Global demand for acrylonitrile continues to grow ahead of GDP, to meet the demand for lighter, stronger, energy efficient materials such as ABS, composites and carbon fibre. This first investment in the Middle East consolidates our position as the market leader and shows a clear and ongoing commitment to meet our customers’ needs wherever they are in the world.”

Joe Walton, CEO of INEOS Oligomers, also commented: “INEOS Oligomers is one of the world’s leading merchant suppliers of LAO and PAO. The size and location of these new plants reinforces our commitment to keep pace with our LAO and PAO customers’ expanding requirements globally.”

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Recent Comments
This is exiting news as I am in the NDT field
Mario Henry, 03 June 2019
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INEOS to invest $2bn in Saudi Arabia - Time to read 2 min
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