Saudi Arabia Invests in Petrochemical Projects

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Researched by Industrial Info Resources (Sugar Land, Texas)--Having nearly one-fifth of the world's proven petroleum reserves, Saudi Arabia is the highest petrochemical producer in the Middle East region and continues to invest in projects, including grassroot, unit additions, equipment upgrades and debottlenecking.

Recently, Saudi Aramco Total Refining and Petrochemical (SATORP) (Al-Jubail, Saudi Arabia) awarded engineering, procurement, and construction contracts to Hyundai Engineering Company Limited (Seoul, South Korea), and Maire Tecnimont SpA (Rome, Italy) to develop one of the largest mixed-load steam crackers in the Gulf region, with a capacity to produce 1,500 kilotons of ethylene per year. The expansion is expected to attract more than US$4 billion in additional investment in a variety of industrial sectors, including carbon fibers, food additives, lubes, drilling fluids, detergents, automotive parts and tires.

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Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).