By Alberto Delclaux

France's Total SA (FP.FR) said Tuesday that it has signed a memorandum of understanding with Saudi Aramco to build a petrochemical complex in Jubail, Saudi Arabia, representing an investment of about $5 billion.

The oil-and-gas company said the complex will be integrated downstream of the Satorp refinery, a joint venture between Saudi Aramco, holder of a 62.5% stake, and Total, which owns 37.5%.

The complex will have a mixed-feed steam cracker with a capacity of 1.5 million tons a year of ethylene and related high-added-value petrochemical units, Total said. Front-end engineering and design is expected to begin in the third quarter of 2018, it said.

Total said the cracker will feed other petrochemical and specialty plants, representing a further investment of $4 billion by third parties.

Write to Alberto Delclaux at alberto.delclaux@dowjones.com

(END) Dow Jones Newswires

April 10, 2018 09:07 ET (13:07 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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