- Saudi Aramco and France's TotalEnergies announced that they have granted contracts for the construction of the $11B project, Amiral petrochemicals complex in Jubail, located in Saudi Arabia's Eastern Province.
- The new petrochemical complex in Jubail, integrated with the existing Satorp refinery, will house the largest mixed-load steam cracker in the GCC, producing 1.65 million tonnes of ethylene and other gases annually. It is expected to attract over $4 billion in investment and create around 7,000 jobs in Saudi Arabia.
Why it matters
Saudi Arabia, the world's top oil-exporting country, is bolstering its energy infrastructure through investments and agreements with global players. The International Energy Agency predicts a 6% rise in crude demand by 2028, reaching 105.7 million barrels per day, driven by strong demand from the petrochemical and aviation sectors.
