Economy
Ineos Plans $2 Billion Spending on Saudi Arabia Chemical Plants

(Bloomberg) – Ineos plans to spend $2 billion to build three chemical plants in Saudi Arabia as the group controlled by U.K. billionaire Jim Ratcliffe enters the Middle East for the first time.
The factories will be part of a $5 billion petrochemical complex state-run Saudi Aramco and France’s Total SA are constructing in the kingdom, Ineos said in a website statement. The British company has been growing with acquisitions of oil and gas fields and a major pipeline in the U.K., chemical facilities in China, and investments in plants in Belgium and the U.S.
Ratcliffe, 66, a former Exxon Mobil Corp. executive, built Ineos by acquiring unwanted petrochemical assets from major oil companies. The group has also dipped its toes in fashion, soccer, car-making and a cycling team over the years. With the planned Saudi investment, it’s expanding its core business of chemicals.
Ineos signed a memorandum of understanding with Saudi Aramco and Total to build the three plants as part of the Jubail 2 complex, according to the statement. The deal includes a plant to manufacture acrylonitrile, a chemical used to make certain types of plastics. It will also build a facility for linear alpha olefins and associated poly alpha olefin, used to produce lubricants. All three are due to begin production in 2025.
Oil companies are increasingly betting on petrochemicals to drive future demand growth as the world grows seeks to tackle emissions from gasoline and diesel vehicles. Saudi Aramco, the world’s biggest crude producer, bought a majority stake in local chemical giant Sabic for about $69 billion this year.
-
OER Magazines2 months ago
OER, April 25
-
Alamaliktistaad Magazines2 months ago
Al-Iktisaad, April 25
-
Renewables1 month ago
Jindal Renewables and OQ Alternative Energy Sign Joint Development Agreement to Advance Integrated Renewable Power Projects in Oman
-
Business2 months ago
St. Petersburg International Economic Forum 2025 unveils its Business Programme
-
Leaders Speak1 month ago
OERLive SPOTLIGHT: Oman Sustainability Week 2025 and Oman Petroleum & Energy Show
-
Alamaliktistaad Magazines4 weeks ago
Al-Iktisaad, May 25
-
Banking & Finance2 months ago
How is National Bank of Oman Working Towards Creating a Robust Fintech Ecosystem?
-
OER Magazines4 weeks ago
OER, May 2025
You must be logged in to post a comment Login