INEOS Announces Plan to Invest $2 Billion in Saudi Petrochemical Project

After the whole Jamal Khashoggi affair, there was worldwide outrage about the Saudi leadership and many investors made noises about not doing business in the country ever again. However, the tide has definitely turned over the course of 2019, and big-ticket investment is continuing to flow into Saudi Arabia, despite widespread reservations from certain quarters. The Saudi state had gone on a massive development drive that has opened up a world of opportunities for investors from all over the world, and some of the biggest names in the world of business are flocking to the Gulf state. In a new development, it has been announced on Monday that the British chemical company INEOS is going to invest $2 billion in a massive petrochemical complex in Saudi Arabia. The complex is being currently developed by French oil company Total and Saudi Arabia’s state-owned oil company Saudi Aramco. The cost of building the petrochemical complex, known as Project Amiral, is going to be around $5 billion according to an announcement from INEOS. The company went on to state that once the project is completed, then the site could supply special chemicals and derivatives worth $4 billion. Jim Ratclieffe, the billionaire owner of the chemical company, stated, We are bringing advanced downstream technology which will add value and create further jobs in the kingdom. The project is going to help INEOS in developing chemicals that could then be supplied to not only Saudi Arabia but also to other countries in Asia. Needless to say, it is a project that has the potential of eventually generating a handsome return on investment in the long run. Ratcliffe went on to add, “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.” This is a massive project for INEOS, but it is a company that has extensive experience in building projects of this nature and the company’s optimism with regards to the project is not misplaced at all. Finance News