Friday, May 25, 2012
TOKYO (Dow Jones)--Sumitomo Chemical Corp. (4005.TO) said Friday it will move ahead with the second phase of its petrochemical project in Saudi Arabia with Saudi Arabian Oil Co., or Saudi Aramco, with an estimated investment of around $7 billion.
The Japanese company said it will proceed with the Rabigh II project in Rabigh, Saudi Arabia, based on the outcome of a feasibility study.
The second phase involves the expansion of an existing ethane cracker and the building of a new aromatics complex, using additional 30 million standard cubic feet per day of ethane and about 3 million tons year of naphtha as feedstock to produce a variety of high value-added petrochemical products.
The new facilities are slated to commence operations gradually from the first half of 2016.
The Rabigh project is an integrated refinery and petrochemicals complex run by Rabigh Refining and Petrochemical Co., which was jointly founded by Sumitomo and Saudi Aramco.
-By Hiroyuki Kachi, Dow Jones Newswires; 813-6269-2789; Hiroyuki.Kachi@dowjones.com
(END) Dow Jones Newswires
25-05-12 0640GMT
