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The Saudi Arabian Oil Company ("Aramco") and TotalEnergies
(Paris:TTE) (LSE:TTE) (NYSE:TTE) have taken the final investment
decision for the construction of a world scale petrochemical
facility in Saudi Arabia. The "Amiral" complex will be owned,
operated, and integrated with the existing SATORP refinery located
in Jubail on Saudi Arabia's eastern coast. The investment decision
is subject to customary closing conditions and approvals.
The petrochemical facility will enable SATORP to convert
internally produced refinery off-gases and naphtha, as well as
ethane and natural gasoline supplied by Aramco, into higher value
chemicals, helping to advance Aramco's liquids to chemicals
strategy.
The complex will comprise of a mixed feed cracker capable of
producing 1.65 million tons per annum of ethylene, the first in the
region to be integrated with a refinery. It will also include two
state-of-the-art polyethylene units using Advanced Dual Loop
technology, a butadiene extraction unit, and other associated
derivatives units.
The project alone represents an investment of around $11
billion, of which $4 billion will be funded through equity by
Aramco (62.5%) and TotalEnergies (37.5%). Its construction is
scheduled to begin during the first quarter of 2023 with commercial
operation targeted to start in 2027.
Eventually, the complex will provide feedstock to other
petrochemical and specialty chemical plants, located in the Jubail
industrial area, which will be built, owned and operated by
globally renowned downstream investors, entailing an estimated
additional $4 billion of investments. This will support the
establishment of key manufacturing industries such as carbon
fibers, lubes, drilling fluids, detergents, food additives,
automotive parts and tires.
The overall complex, including adjacent facilities, is expected
to create 7,000 local direct and indirect jobs.
In July 2022, SATORP was the first MENA refinery to be certified
ISCC+, an international recognition towards its circular
initiatives, such as the recycling of plastic and used cooking oil.
A first batch of recycled plastic was processed by the refinery in
November 2022.
Saudi Aramco Chief Executive Officer Amin H. Nasser said: "Our
long-standing relationship with TotalEnergies has been further
strengthened by this important project, which represents an
opportunity for us to showcase the potential for cutting edge
liquids to chemicals technologies that support the circular
economy. With this collaboration we aim to expand the value chain
by producing advanced chemicals more efficiently than ever before,
accelerating industrial progress in the Kingdom."
Patrick Pouyanné, Chairman and Chief Executive Officer of
TotalEnergies said: "We are delighted to write a new page of our
joint history by launching this expansion project, building on the
successful development of SATORP, our biggest and most efficient
refining & petrochemicals platform in the world. It also
deepens the exemplary relationship between our two companies over
many decades in the Kingdom of Saudi Arabia. This world-class
complex also fits with our strategy to expand sustainably in
petrochemicals by maximizing the synergies within our major
platforms."
***
About SATORP:
The Saudi Aramco TotalEnergies Refining and Petrochemical
Company (SATORP), the first such joint venture between the two
energy companies, was established in June 2008 to build a refining
and petrochemical complex in Jubail II industrial city. The
refinery, whose capacity increased from 400,000 barrels per day
(bpd) of crude oil at its start-up in 2014 to 460,000 bpd today, is
recognized as one of the most efficient in the world.
About TotalEnergies:
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
@TotalEnergies TotalEnergies TotalEnergies TotalEnergies
About Saudi Aramco:
Aramco is a global integrated energy and chemicals company. We
are driven by the core belief that energy is opportunity. From
producing approximately one in every eight barrels of the world's
oil supply to developing new energy technologies, our global team
is dedicated to creating impact in all that we do. We focus on
making our resources more dependable, more sustainable and more
useful. This helps promote stability and long-term growth around
the world. www.aramco.com
Cautionary Note
The terms "TotalEnergies", "TotalEnergies company" or "Company"
in this document are used to designate TotalEnergies SE and the
consolidated entities that are directly or indirectly controlled by
TotalEnergies SE. Likewise, the words "we", "us" and "our" may also
be used to refer to these entities or to their employees. The
entities in which TotalEnergies SE directly or indirectly owns a
shareholding are separate legal entities. This document may contain
forward-looking information and statements that are based on a
number of economic data and assumptions made in a given economic,
competitive and regulatory environment. They may prove to be
inaccurate in the future and are subject to a number of risk
factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies' financial results or activities is provided in the
most recent Registration Document, the French-language version of
which is filed by TotalEnergies SE with the French securities
regulator Autorité des Marchés Financiers (AMF), and in the Form
20-F filed with the United States Securities and Exchange
Commission (SEC).
TotalEnergies
Media Relations: +33 (0)1 47 44 46 99 l presse@totalenergies.com
l @TotalEnergiesPR
Investor Relations: +33 (0)1 47 44 46 46 l
ir@totalenergies.com
Saudi Aramco Contacts
International Media Relations:
international.media@aramco.com
Investor Relations: investor.relations@aramco.com
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CONTACT:
TotalEnergies
SOURCE: TotalEnergies SE
Copyright Business Wire 2022
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