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Aramco and TotalEnergies are joining forces and investing $11 billion to build a new petrochemicals complex in Saudi Arabia. Aramco is funding 62.5% of the project whilst TotalEnergies is funding the other 37.5%. The complex will be operated by both companies and will be integrated into the Saudi Arabia Total Refining and Petrochemicals (SATORP) and will be located in Jubail. This venture will open up 7,000 new jobs in Saudi Arabia and comes in light of the Russia-Ukraine war which has provided Saudi Arabia with the opportunity to “strengthen its position in the oil sector”. The kingdom has also been investing in other places, such as South Korea.

Aramco, TotalEnergies Invest $11 Billion In New Oil Complex In Saudi Arabia

Aramco and TotalEnergies are joining forces and investing $11 billion to build a new petrochemicals complex in Saudi Arabia. Aramco is funding 62.5% of the project whilst TotalEnergies is funding the other 37.5%. The complex will be operated by both companies and will be integrated into the Saudi Arabia Total Refining and Petrochemicals (SATORP) and will be located in Jubail. This venture will open up 7,000 new jobs in Saudi Arabia and comes in light of the Russia-Ukraine war which has provided Saudi Arabia with the opportunity to “strengthen its position in the oil sector”. The kingdom has also been investing in other places, such as South Korea.

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