Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- French firms plan to invest in Jubail  Join our daily free Newsletter

MENAFN - Arab News - 22/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Arab News) A high-profile business delegation representing 35 French companies, led by Total Oil Co., has announced plans to invest in a series of new joint petrochemical and industrial projects in Jubail Industrial City.

The French investors, who met recently with officials of the Royal Commission for Jubail and Yanbu (RCJY), were briefed on the investment opportunities and incentives provided by the Saudi government, as well as the availability of raw materials for their projects.

Total and Saudi Arabian Oil Company (Saudi Aramco) have already established a joint venture, Saudi Aramco Total Refining and Petrochemical Company (SATORP), in Jubail Industrial City II. SATORP is in the advanced stages of constructing one of the most complex refineries in the world. Saudi Aramco owns 62.5 percent of the project, while the remaining 37.5 percent is owned by Total.

The French delegation is reportedly set to seize profitable investment opportunities in various fields such as oil and gas, technology and infrastructure in the industrial city of Jubail. They visited the residential area, business center and the industrial area as well.

According to analysts, the French hope to expand their investments amid fierce competition between international companies, who in recent years have won petrochemical and refining projects worth SR 150 billion.

These companies include Sadara Chemical Company (Sadara), a joint project between Saudi Aramco and Dow Chemical, at a cost of SR 75 billion, SATORP project worth SR 50 billion, in addition to other projects jointly owned by Saudi Basic Industries Corp. (SABIC) and other global companies.
Al-Jubail Petrochemical Company (KEMYA) last July awarded the French company Technip an engineering, procurement and construction (EPC) contract for an elastomer facility in Jubail Industrial City.

KEMYA is a 50:50 joint venture between SABIC and Exxon Chemical Arabia, an affiliate of ExxonMobil Chemical Company.

 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help