First Investment in the Middle East Ineos to Invest Two Billion Dollars in Saudi Arabia
Additional large-scale investments in new facilities planned: Ineos has signed a letter of intent with Saudi Aramco and Total to build three new plants as part of the Jubail 2 complex in the Kingdom of Saudi Arabia. The British company wants to invest about two billion Dollars.
Ineos again plans billions in investment. In Saudi Arabia, the British company plans to build new assets worth around two billion Dollars. A new 425,000 t acrylonitrile plant will be equipped with Ineos technology and catalyst. It will be the first facility of its kind in the Middle East when it goes into operation in 2025, the company said.
Also planned is a 400,000 t linear alpha olefin (LAO) plant and the associated World-Scale Poly Alpha Olefin (PAO) plant. These plants should be the most energy-efficient in the world at the beginning of production in 2025.
The project is a continuation of the company's growth strategy after investing € 3 billion in a new Antwerp plant, investing € 1.1 billion across the UK, making acquisitions in China, and expanding capacity at Alabama and Chocolate Bayou announced on the US Gulf Coast. In addition, it is the first investment in the Middle East.
The Nitriles business unit is currently the largest producer of acrylonitrile and acetonitrile in the world, with more than 90 % of global acrylonitrile based on proprietary technology. The company currently has four production sites, two in North America and two in Europe.
The Oligomers division already has a worldwide network of LAO and PAO production facilities and large warehouses. The company produces a comprehensive range of specialty and intermediate products based on ethylene and isobutene.