RABIGH: The launch of the Rabigh Refining and Petrochemicals (PetroRabigh) complex on Sunday would contribute to the strengthening of the national economy, while boosting Saudi-Japanese economic relations, said Minister of Petroleum and Mineral Resources Ali Al-Naimi.
Al-Naimi, who is also chairman of the Saudi Aramco board of directors, inaugurated the complex on behalf of Custodian of the Two Holy Mosques King Abdullah and welcomed attendees to the event that benchmarks a new era for Saudi Arabia. There are three key benefits, besides the obvious, that PetroRabigh is bringing to the Kingdom, said Al-Naimi. “For one, it brings added value to our hydrocarbon resources by producing refined products of high-quality. It will also produce a series of petrochemical products, which will support downstream projects. Thirdly, PetroRabigh is seen as a precedent for constructive operations between countries,” he said.
The obvious spinoffs, he said, include new jobs for the Kingdom, and not just ones directly involved with the plant. PetroRabigh represents the dawning of a time when the Kingdom will raise national standards and exceed international ones.
The inauguration of this $10.3 billion endeavor marks a new chapter in Saudi-Japan relations and an even bigger achievement on the international scale as PetroRabigh becomes the world’s largest integrated oil refining and petrochemical complex. It also adds to the scale of projects jointly undertaken by these two countries as Japan already holds the largest number of investment projects in the Kingdom.
As chairman of Sumitomo Chemical Co. of Japan, Hiromasa Yonekura stated, “This is a large-scale operation that will yield even larger production.” PetroRabigh’s inauguration comes four years after King Abdullah signed the joint venture between Sumitomo and Saudi Aramco. “It was on Aug. 1, 2005, the same day he ascended the throne that the agreement was signed,” said Yonekura, “PetroRabigh signifies the materialization of the king’s vision.”
The ceremony started with a dramatic introduction video of PetroRabigh that was projected simultaneously on three cubed projectors that rotated in unison. With translation devices that allowed speakers from both countries to be understood by all, Chairman of PetroRabigh Abdulaziz Al-Khayyal took the stage. In his welcoming speech, he voiced his appreciation to the king for his vision and patronage of this breakthrough occasion. “PetroRabigh is only the beginning,” he stated, adding: “Its potential is almost endless.”
Yonekura reaffirmed his trust in his Saudi partner, “It is a blessing to have a partner like Saudi Aramco, who places high value on integrity, trust, and fairness, just like the Japanese do.”
The respect was mutual, as Khalid A. Al-Falih, president and CEO of Saudi Aramco, showed when it was his turn at the podium, “Japan shares the same principles of Saudi Aramco.”
He went on to talk about their mutual commitment to corporate social responsibility and protecting the environment.
Tetsundo Iwakuni, the personal envoy to the Japanese Prime Minister, said that the joint venture represents a new era of stronger ties between Japan and Saudi Arabia. “We are happy to have this type of exchange,” he said. He also emphasized on the rise of the youth exchange program. “Now we have scholarships for Saudi youths to come to Japan and with KAUST, another vision of the king, Japanese youth are coming here.”
Guests viewed PetroRabigh’s Corporate, Products, and Investment Exhibition, which highlighted the strong relations and fruitful partnership between the two countries.
