French firms plan to invest in Jubail


Published — Thursday 22 November 2012

Last update 22 November 2012 3:10 am

| نسخة PDF Print News | A A

A high-profile business delegation representing 35 French companies, led by Total Oil Co., has announced plans to invest in a series of new joint petrochemical and industrial projects in Jubail Industrial City.
The French investors, who met recently with officials of the Royal Commission for Jubail and Yanbu (RCJY), were briefed on the investment opportunities and incentives provided by the Saudi government, as well as the availability of raw materials for their projects.
Total and Saudi Arabian Oil Company (Saudi Aramco) have already established a joint venture, Saudi Aramco Total Refining and Petrochemical Company (SATORP), in Jubail Industrial City II. SATORP is in the advanced stages of constructing one of the most complex refineries in the world. Saudi Aramco owns 62.5 percent of the project, while the remaining 37.5 percent is owned by Total.
The French delegation is reportedly set to seize profitable investment opportunities in various fields such as oil and gas, technology and infrastructure in the industrial city of Jubail. They visited the residential area, business center and the industrial area as well.
According to analysts, the French hope to expand their investments amid fierce competition between international companies, who in recent years have won petrochemical and refining projects worth SR 150 billion. These companies include Sadara Chemical Company (Sadara), a joint project between Saudi Aramco and Dow Chemical, at a cost of SR 75 billion, SATORP project worth SR 50 billion, in addition to other projects jointly owned by Saudi Basic Industries Corp. (SABIC) and other global companies.
Al-Jubail Petrochemical Company (KEMYA) last July awarded the French company Technip an engineering, procurement and construction (EPC) contract for an elastomer facility in Jubail Industrial City.
KEMYA is a 50:50 joint venture between SABIC and Exxon Chemical Arabia, an affiliate of ExxonMobil Chemical Company.

What's happening around Saudi Arabia

JEDDAH: An African expat woman is being investigated for torturing her baby to death by pouring boiling water on her. The motive behind the vicious attack is unknown.The Board of Investigation and Prosecution in Jeddah has charged the woman with semi...
RIYADH: Over five million Overseas Filipinos Workers (OFWs), including more than one million in Saudi Arabia, observed “zero remittance day” on Friday, in protest against the random checking of boxes sent by them to their families back home by the Cu...
JEDDAH: Security authorities have arrested 45 people from different parts of the Kingdom for Daesh links in the past 10 days. Forty of the suspects, accused of terrorism, are Saudis. Others are 2 Yemenis, an Egyptian, a Palestinian, and a national of...
RIYADH: The Ministry of Health announced on Friday that two more people were infected with the Middle East Respiratory Syndrome (MERS) coronavirus. While no deaths were announced, the virus has already killed 26 people in just two weeks, from Aug. 16...
RIYADH: The government and courts have issued 35,010 penalties against citizens and expatriates for violating the country’s residency laws including fines and jail terms.Citizens and expatriates across the Kingdom were penalized for transporting, har...
JEDDAH: As international schools in the city gear up for the new academic session, some parents have requested that schools improve the quality of their classes in Islamic studies. Although the Ministry of Education has decreed that all international...

Stay Connected