Saudi, Japanese Companies Launch Large Joint Oil Project

Saudi, Japanese companies launch large joint oil project

KUWAIT CITY, March 19 (Xinhua) — Saudi state-run Aramco Company and Japan’s Sumitomo Chemical Industries signed on Sunday an agreement to invest in a large oil project in Saudi Arabia, according to reports reaching here.

Saudi Minister of Oil and Mineral Resources Ali bin Ibrahim al- Nuaimi launched the joint Saudi-Japanese petroleum project, named “Petrorabigh”, in the western Saudi costal city of Jeddah on Sunday, according to the reports.

Al-Nuaimi highlighted the importance of the project, asserting that the project, including the construction of a petrochemcial plant and an oil refinery, would positively contribute to the growth of the kingdom’s income.

A statement of Aramco also predicted an annual production of 2. 4 million tons of solid and liquefied petrochemicals in addition to big quantities of benzene and other refined products.

Moreover, the construction of such large-scale industrial projects would help attract more foreign investment and create more job opportunities, the statement said.

As one of the biggest integrated refinery and petrochemical projects in the world, the project is expected to be completed in 2008.