عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Aramco, TotalEnergies Sign $11 bln Contract on Petrochemicals Complex in Saudi Arabia

Aramco and TotalEnergies signing ceremony for the “Amiral” complex, a future petrochemicals facility expansion at the SATORP refinery in Saudi Arabia, on June 24. Photo: Aramco website
Aramco and TotalEnergies signing ceremony for the “Amiral” complex, a future petrochemicals facility expansion at the SATORP refinery in Saudi Arabia, on June 24. Photo: Aramco website
TT
TT

Aramco, TotalEnergies Sign $11 bln Contract on Petrochemicals Complex in Saudi Arabia

Aramco and TotalEnergies signing ceremony for the “Amiral” complex, a future petrochemicals facility expansion at the SATORP refinery in Saudi Arabia, on June 24. Photo: Aramco website
Aramco and TotalEnergies signing ceremony for the “Amiral” complex, a future petrochemicals facility expansion at the SATORP refinery in Saudi Arabia, on June 24. Photo: Aramco website

Saudi Aramco and TotalEnergies have signed an $11 billion contract to start building a new petrochemicals complex in Saudi Arabia, the two companies said in a joint statement on Saturday.

"Aramco and TotalEnergies today awarded Engineering, Procurement and Construction (EPC) contracts for the $11 billion "Amiral" complex, a future world-scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi Arabia," the statement read.

A signing ceremony took place in Dhahran attended by Amin H. Nasser, Aramco President and CEO, and TotalEnergies Chairman and CEO Patrick Pouyanné.

The award of EPC contracts for main process units and associated utilities marks the start of construction work on the joint petrochemical expansion, following the final investment decision in December 2022. Integrated with the existing SATORP refinery in Jubail, the new complex aims to house one of the largest mixed-load steam crackers in the Gulf, with a capacity to produce 1,650 kilotons per annum of ethylene and other industrial gases.

This expansion is expected to attract more than $4 billion in additional investment in a variety of industrial sectors, including carbon fibers, lubes, drilling fluids, detergents, food additives, automotive parts and tires. It is also expected to create around 7,000 local direct and indirect jobs.

“As part of Aramco’s growth strategy, the project is anticipated to contribute to value-addition opportunities in the Kingdom’s downstream ecosystem, and we thank the Ministry of Energy and the Ministry of Investment for their tremendous support via the Shareek program to make this multi-billion-dollar project a reality,” Nasser said.

As for Pouyanné, he said: “This expansion project reinforces the exemplary relationship that our two companies have enjoyed for several decades in the Kingdom of Saudi Arabia.”

Most Viewed

 
 
Business

Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
TT
TT

Third ‘Mirkaz AlBalad AlAmeen Platform’ to Open in Makkah on Sunday 

A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)
A street in the holy city of Makkah is decorated with Ramadan lights. (SPA)

The third edition of the “Mirkaz ABalad AlAmeen”, a leading platform for exchanging opportunities in Makkah, will kick off on Sunday, under the theme “Makkah Inspires the World.”

The platform, organized by the Holy Makkah Municipality, will feature 15 exceptional Ramadan evenings focused on dialogue, knowledge exchange, and cross-sector engagement.

Makkah Mayor Musad Aldaood said the platform redefines development from Makkah, where faith meets inspiration and values are transformed into a comprehensive civilizational experience.

He noted that the initiative reflects the ambitions of Saudi Vision 2030 and showcases Makkah to the world as a living model of creativity, leadership, and innovation.

The upcoming edition will host more than 65 speakers, including executive leaders and decision-makers from across all three sectors, alongside futurists, entrepreneurs, and leading voices in culture and inspiration from artists, writers, media professionals, and innovators.

The program targets 12 key sectors: technology and digital transformation, financial investment, communications and media, real estate development, transport and logistics, banking services, youth and sports, tourism and culture, hospitality and catering, Hajj and Umrah, the third sector, and healthcare.

Business

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
TT
TT

Saudi Arabia’s Mawani Grants Unified License to Global Shipping Line 

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)
The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector. (Mawani)

The Saudi Ports Authority (Mawani) granted on Thursday a unified license to international shipping line Global Shipping Line (PIL), officially recognizing it as an authorized foreign investor to operate maritime agencies in the Kingdom's ports, reported the Saudi Press Agency.

The license is issued in accordance with the regulations outlined in the Maritime Agency Services, reflecting Mawani's commitment to boosting the efficiency of the maritime sector and improving the quality of operational services provided at ports.

It aims to attract global expertise and facilitate knowledge transfer within the Kingdom, aligning with international best practices in the maritime transport industry.

The initiative is part of Mawani's ongoing efforts to develop the maritime business environment, enable international companies to invest in the Saudi market, and increase competitiveness within the maritime sector.

PIL, which operates from its regional headquarters in Riyadh, manages operations in 29 countries.

The move strengthens the Kingdom's position as a crucial logistics hub, in line with the National Transport and Logistics Strategy, while attracting more international shipping lines. It reinforces Saudi Arabia's role as a key link among three continents.

Business

IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
TT
TT

IMF: Restoring Lebanon's Economic Growth Will Require Comprehensive Reforms

FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo
FILE PHOTO: A view of the International Monetary Fund (IMF) logo at its headquarters in Washington, D.C., US, November 24, 2024. REUTERS/Benoit Tessier//File Photo

Lebanon's economy has shown resilience despite conflicts in the region, with tourism fueling a bit of a rebound, but restoring growth will require comprehensive reforms, the International Monetary Fund said on Thursday.

IMF spokeswoman Julie Kozack said the global lender remains engaged in complex discussions with Lebanese ‌authorities following their ‌request for an IMF-supported ‌program ⁠in March 2025. The ⁠IMF sent a staff mission to Beirut earlier this month, said Reuters.

The talks have been focused on two big issues, she said, citing the need for banking sector restructuring and a medium-term fiscal ⁠strategy. "The economy has shown resilience ‌despite the impact ‌of conflicts in the region. It has had ‌a bit of a rebound ‌on the back of tourism from the strong diaspora," Kozack said.

"But at the same time, really restoring strong and sustainable growth will ‌require a comprehensive set of reforms to tackle some of the ⁠structural ⁠weaknesses that have really hampered Lebanon's economic performance for many years," she said. Reforms also are needed to attract international support to help Lebanon address its substantial reconstruction needs.

Kozack said Lebanon needs an updated medium-term fiscal framework that includes concrete measures to mobilize additional revenues for much-needed capital spending, as well as a sovereign debt restructuring to restore debt sustainability.