Aramco, Sumitomo transfer ownership of pending US$8.5 bln plant

Saudi Aramco and Sumitomo Chemical will transfer ownership of a planned SR32 billion (US$8.5 bln) petrochemical facility to their joint venture PetroRabigh. The new facility, known as Rabigh II, is to be built as an expansion of PetroRabigh’s existing petrochemical plant, increasing output and introducing higher-margin products- ubber, thermoplastic polyolefin, methyl methacrylate monomer and polymethyl methacrylate. Ownership of the planned new facility will be transferred from Aramco and Sumitomo to PetroRabigh in Q4-14. However, it added that both Aramco and Sumitomo would continue to guarantee finance needed to build the project. The two firms will each invest around 100 bln yen (US$975 mln), with the rest coming from project financing, Sumitomo President Masakazu Tokura.
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