Aramco finalises FID on Amiral petrochemicals asset
RIYADH, December 19, 2022 – Saudi Aramco and partner TotalEnergies have taken the FID to build an USD 11-billion petrochemicals facility in Saudi Arabia, the Saudi NOC announced on Thursday.
The Amiral project will consist of a mixed feed cracker that will produce 11.6 million tonnes per year of ethylene, two polyethylene units, a butadiene extraction unit and other associated derivative units.
The asset will be located in Jubail on Saudi Arabia’s eastern coast and will be integrated with the existing SATORP refinery. The addition will allow the original complex to convert internally produced refinery off-gases and naphtha as well as ethane and natural petrol supplied by Saudi Aramco.
Of the USD 11 billion needed to build the project, USD 4 billion will be funded by the two partners through equity on the project. Saudi Aramco holds the lead stake with 62.5% shares, with TotalEnergies holding the remaining 37.5% shares.
Construction is expected to begin in Q1 2023, with commissioning expected at the beginning of 2027.
The project is a key part of the government’s plans to develop the area into a petrochemicals manufacturing hub that will produce carbon fibres, lubes, drilling fluids, detergents, food additives, automotive parts and tires. The entire development will entail additional estimated investments of USD 4 billion.