By Giulia Petroni

TotalEnergies SE and Saudi Arabian Oil Co. have taken a final investment decision for the construction of petrochemical facility in Saudi Arabia.

The French oil-and-gas major said the project represents an investment of around $11 billion, of which $4 billion will be funded through equity by the two companies.

The facility will allow a nearby refinery operated through a joint venture by TotalEnergies and Saudi Aramco to convert internally produced refinery off-gases and naphtha, as well as ethane and natural gasoline, into higher value chemicals.

The complex is eventually set to provide feedstock to other petrochemical and specialty chemical plants located in the Jubail industrial area. Construction is scheduled to start in the first quarter of 2023, with operations expected to begin in 2027, according to TotalEnergies.

The investment decision is subject to customary closing conditions and approvals.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

December 15, 2022 08:00 ET (13:00 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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