INEOS to in­vest $2bn in Saudi Ara­bia

Lubricant World - - PANORAMA WORLDWIDE -

INEOS an­nounced it has signed a Me­moran­dum of Un­der­stand­ing with Saudi Aramco and To­tal, France, to build three new plants as part of the Jubail 2 com­plex in the King­dom of Saudi Ara­bia. A new state-of-the-art 425,000 tonne acry­loni­trile plant will use INEOS' world lead­ing tech­nol­ogy and cat­a­lyst. It will be the first plant of its kind in the Mid­dle East when it starts up 2025.

INEOS will also build a 400,000 tonne Lin­earAl­phaOlefin (LAO) plant and as­so­ci­ated world-scale PolyAl­phaOlefin (PAO). These units will be the most en­ergy ef­fi­cient in the world when they be­gin pro­duc­tion in 2025.

The lo­ca­tion in 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.

Jim Rat­cliffe, Chair­man of INEOS, 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.”

The project rep­re­sents a con­tin­u­a­tion of INEOS' growth strat­egy fol­low­ing the an­nounce­ment of €3bn investment into a new plant at An­twerp, £1bn investment across the UK, ac­qui­si­tions in China and ca­pac­ity in­creases in the US Gulf Coast, Alabama and Choco­late Bayou fa­cil­i­ties.

Paul Over­ment, CEO of INEOS Nitriles, said: “Global de­mand for acry­loni­trile con­tin­ues to grow ahead of GDP, to meet the de­mand for lighter, stronger, en­ergy ef­fi­cient ma­te­ri­als such as ABS, com­pos­ites and car­bon fibre. This first investment in the Mid­dle East con­sol­i­dates our po­si­tion as the mar­ket leader and shows a clear and on­go­ing com­mit­ment to meet our cus­tomers' needs wher­ever they are in the world.”

Joe Wal­ton, CEO of INEOS Oligomers said: “INEOS Oligomers is one of the world's lead­ing mer­chant sup­pli­ers of LAO and PAO. The size and lo­ca­tion of these new plants re­in­forces our com­mit­ment to keep pace with our LAO and PAO cus­tomers' ex­pand­ing re­quire­ments glob­ally.”

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