(MENAFN) Saudi Aramco and Sumitomo Chemical are to transfer ownership of a planned USD8.5 billion petrochemical facility to their joint venture PetroRabigh, Saudi Gazette reported.
The new facility, known as Rabigh II, is to be built as an expansion of PetroRabigh's existing petrochemical plant, increasing output and introducing higher-margin products.
The two firms will each put in around USD975 million, with the rest coming from project financing.
Ownership of the planned new facility will be transferred from to PetroRabigh in the fourth quarter of this year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.