The Royal Commission of Jubail and Yanbu will announce a new SAR 17 billion petrochemical project after obtaining approvals, Mosleh Al-Otaibi, the commission’s chairman told CNBC Arabia.
The project is in advanced stages of study and will be undertaken with international companies, the CEO said.
Further details will be disclosed pending approvals, he added.
Meanwhile, Al-Otaibi said that about SAR 3 billion was allocated to provide infrastructure for the joint venture project between Saudi Aramco and Saudi Basic Industries Corp. (SABIC), adding that there is also a project to provide large amounts of water and electricity for the complex.
Aramco and SABIC on Sunday signed a memorandum of understanding (MoU) to develop a fully integrated crude oil to chemicals (COTC) complex in the Kingdom.
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