Saudi Aramco, Sumitomo Plot $7B Petrochemical Expansion

Law360, New York (May 25, 2012, 12:20 PM EDT) -- Japan's Sumitomo Chemical Co. Ltd. and state-owned Saudi Aramco on Friday unveiled plans for a $7 billion expansion to their jointly owned petrochemical plant on the Red Sea coast in Saudi Arabia.

After closing out a feasibility study and preliminary engineering, the two will now move on to finalize pillars of the project plan, including procurement, construction and project financing. Neither company provided details as to where the funding would originate.

Dubbed Rabigh II, the new complex will include an expanded cracking facility to boost ethane...
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