Ineos to invest $2bn to build Saudi Arabia plants

Ineos Grangemouth

Grangemouth refinery operator Ineos said on Monday it will invest $2 billion to build three plants that would form part of petrochemical complex being developed in Saudi Arabia by state-owned Saudi Aramco and France’s Total.

Saudi Aramco and Total are preparing the construction of a $5 billion petrochemical complex called Project Amiral which will supply more than $4 billion of downstream derivatives and speciality chemicals units.

A new 425,000 tonne acrylonitrile plant, will use Ineos’ technology and catalyst. It will be the first plant of its kind in the Middle East when it starts up 2025. 

Ineos said: “The location in The Kingdom of Saudi Arabia will give Ineos access to competitive raw materials and energy, with well invested infrastructure, to better serve customers directly in the Middle East and markets across Asia.”

Ineos chairman Jim Ratcliffe said: “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.

“We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom.”

In February, Ineos said it would invest £1 billion in the UK, including £500 million in the Forties Pipeline System to prolong the life of the North Sea’s main oil and gas artery into the 2040s, and £350 million at Grangemouth in a new energy plant.

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Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.