INEOS announced in a company news release that it has signed a Memorandum of Understanding with Saudi Aramco and Total, France, to build three new plants as part of the Jubail 2 complex in The Kingdom of Saudi Arabia, amounting to a $2 billion dollar investment.
“This is a major milestone for INEOS that marks our first investment in the Middle East. The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total,” said Jim Ratcliffe Chairman of INEOS in the news release. “We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom.”
A new state-of-the-art 425,000 ton acrylonitrile plant will be the first plant of its kind in the Middle East when it starts up 2025, according to the news release. The release also stated that INEOS will build a 400,000 ton LinearAlphaOlefin (LAO) plant and associated world-scale PolyAlphaOlefin (PAO), claiming that these units will be the most energy efficient in the world when they begin production in 2025.
The project represents a continuation of INEOS’ growth strategy, the press release states, following the announcement of €3bn investment into a new plant at Antwerp, £1bn investment across the UK, acquisitions in China and capacity increases in the US Gulf Coast, Alabama and Chocolate Bayou facilities.
“Global demand for acrylonitrile continues to grow ahead of GDP, to meet the demand for lighter, stronger, energy efficient materials such as ABS, composites and carbon fiber,” said Paul Overment CEO INEOS Nitriles in the release. “This first investment in the Middle East consolidates our position as the market leader and shows a clear and ongoing commitment to meet our customers’ needs wherever they are in the world.”
