(Reuters) – Billionaire Jim Ratcliffe’s petrochemicals company INEOS said on Monday it would invest $2 billion (£1.6 billion) to build three plants in Saudi Arabia as part of Saudi Aramco and Total’s petrochemical complex.
INEOS’ plants will be part of Saudi Aramco and Total’s planned construction of a $5 billion petrochemical complex called Project Amiral, which would supply more than $4 billion of downstream derivatives and speciality chemicals, the company said.
“The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total. We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom,” said Jim Ratcliffe, chairman of INEOS, in a statement.
(Reporting by Yadarisa Shabong in Bengaluru; editing by Gopakumar Warrier)