Saudi Arabia’s state oil giant Saudi Aramco and Japan's Sumitomo Chemical are close to signing multi-billion-dollar contracts to expand their petrochemical complex in Saudi Arabia, as per Reuters. The two partners have taken longer than expected to pick contractors for the Rabigh II petrochemical expansion project, which is expected to cost around US$7 billion. It is reported that deals are expected to be signed next week after some contractors lowered their bids for the work. The successful bidders include Britain's Petrofac, South Korea's GS Engineering and Construction, Italy's Saipem and Japan's JGC.
Under Rabigh II, an existing ethane cracker will be expanded and a new aromatics complex will be built using around 3 mln tpa of naphtha to make higher-value petrochemical products.
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