UK chemicals company Ineos signed a memorandum of understanding with Saudi Aramco and France’s Total to build three plants within Saudi Arabia's Jubail 2 complex in a $2bn (SAR7.5bn) investment, adding that the location would give the company access to competitive raw materials and energy and solid infrastructure.
The three plants will produce materials for carbon fibre, engineering polymers, and synthetic lubricants.
Ineos said its facilities would be part of Saudi Aramco's and Total's planned $5bn (SAR18.7bn) Amiral petrochemicals complex.
As part of its $2bn investment, Ineos will build a 425,000 tonne acrylonitrile plant that will start up in 2025.
A 400,000 t linear alpha olefin plant, and a polyalpha olepfin plant, will both also be built by the same year.
Commenting on the investment, Ineos chairman, Jim Ratcliffee, said: “The timing is right for us to enter this significant agreement with Saudi Aramco and Total.
"We’re bringing advanced downstream tech which will add value and create further jobs in the kingdom.”