PARIS (Reuters) – French oil giant TotalEnergies said on Thursday it joined forces with Saudi Arabian Oil Company (Aramco} to build a new petrochemical complex in Saudi Arabia.
The project involves an investment of around $11 billion, of which $4 billion will be funded through equity by Aramco (62.5%) and TotalEnergies (37.5%), the statement said.
Construction is scheduled to begin during the first quarter of 2023 with commercial operation targeted to start in 2027.
(Reporting by Dominique Vidalon, editing by Tassilo Hummel)
