ENEOS plans to invest $ 2 billion in a Saudi petrochemical complex

Economy and stock exchange

LONDON [Reuters] – Enyos Petrochemicals Inc. [CBI.N: Quote, Profile, Research] said on Monday it would invest $ 2 billion to build three plants in Saudi Arabia, part of a petrochemical complex owned by Saudi Aramco and Total.

The company said its new plants would be part of Saudi Aramco's and Total's plans to build a $ 5 billion petrochemical complex called the Admiral Project. Enioos is to supply estuary derivatives and specialty chemicals units worth more than $ 4 billion.

"The timing is right for us to enter into this important agreement in Saudi Arabia, with Aramco and Total, we will bring advanced technology to downstream activities, which will add value and create more jobs," said Jim Ratcliffe, chairman of Eneos, in a statement.

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