Aramco, TotalEnergies Ink $11-B Petrochem Contract

Saudi Arabian Oil Co. (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, David Shepardson and Hatem Maher reported for Reuters.

Photo Insert: Amiral complex is a future world-scale petrochemicals facility expansion at the SATORP refinery in the Kingdom of Saudi Arabia.

"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.

Omar Abdel-Razek also reported for Reuters that a number of deals for petrochemical facilities are also being hatched. The Associated Press (AP) also reported on negotiations for some of those projects earlier.

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