30 November 2016Development boost for EP
Jubail — Custodian of the Two Holy Mosques King Salman inaugurated 242 industrial and development projects worth SR216 billion for the Royal Commission for Jubail and Yanbu, Saudi Aramco, Saudi Arabian Basic Industries Corporation (SABIC) and the private sector here on Tuesday.
The King also laid the foundation stone for the Economic Center in Jubail Industrial City.
Welcoming the King, Prince Saud Bin Abdullah Bin Thunayan, Chairman of Royal Commission for Jubail and Yanbu, said the Commission’s pursuit for integration with its partners comes in the framework of its commitment to excellence.
“The Commission uses its facilities, capabilities and raw material to competitive advantages that rely on skills, innovation and modern technology making it possible to provide an attractive investment environment pushing the private sector to participate effectively and succeed in the localization of petrochemical, mining and manufacturing industries. This was confirmed by the success of SABIC as it was ranked 4th global petrochemical industry,” he said.
Welcoming the King, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said: “Today our dear country under your wise leadership is anticipating tomorrow’s promising features in the framework of the ambitious Vision 2030.”
He said the “Plus Chemo” project, which is a world-class complex for chemical and manufacturing industries, is expected to attract quality investments estimated at SR20 billion and generate about 20,000 new jobs.
Neil A. Chapman, President of ExxonMobil Chemical Company, said that his company is proud of being a reliable business partner in the Kingdom for more than 85 years and one of the largest foreign investors in the Kingdom.
“Our decades-long relationship with Saudi Aramco, SABIC, and Royal Commission for Jubail and Yanbu represents the cornerstone of our success here in the Kingdom, where our common projects in Al-Jubail Petrochemical Company (Kemya), Saudi Aramco Mobil Refinery (SAMREF) and Yanbu Petrochemical Company (Yanpet) achieved impressive results in providing opportunities for training and development at a global level in addition to offering career opportunities for thousands of young Saudis,” he said.
He said the Kemya company successfully achieved the Saudi rubber project with investments worth SR13 billion. It will produce specialized rubber products, enhancing the diversification of the Kingdom’s economy in line with the its Vision 2030.
Executive President of Total Company Patrick Bojan the joint venture of the Satorp Complex with Saudi Aramco in Jubail includes a refinery and a petrochemical facility with investments worth $13 billion.
President and Chief Executive Officer and Chairman of Dow Chemical Company Andrew N. Liveris said, “We have been dreaming of this day and we are working to achieve it for nearly a decade.”
He said that 26 manufacturing units affiliated to Sadarah will have a combined production capacity of more than 3 million tons of plastics with a high value, performance and specialized chemical products per year.
© The Saudi Gazette 2016