09May2004 Saudi Aramco signs feasibility study agreement with Sumitomo Chemicals

Jeddah, 9 May, 2004

Saudi Aramco has signed an agreement with Japan's Sumitomo Chemicals for a feasibility study for a $3 billion petrochemical and refining project at Rabigh, 130 kms north of Jeddah, Arab News reported today. The project is part of plans to expand Aramco's refinery there. Sumitomo was one of three companies shortlisted as a potential partner to carry out the studies. The other two were Saudi Basic Industries Company (SABIC) and US' Dow Chemicals. The project, one of the largest private investments in the Kingdom, will be Aramco's first foray into the domestic petrochemical sector. The facility is expected to produce an annual one million tons of ethylene, a basic ingredient for petrochemical products. The ethylene would be processed from ethane extracted from natural gas.

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