Sumitomo Chemicals, had signed an agreement in May 2004, to develop a petrochemical complex in Rabigh, Sandi Arabia, using ethane as feedstock, aiming to start operations in 2008. The initial estimate for the project was pegged at US$4.3 billion yen. Sumitomo and Saudi Aramco, Saudi Arabia's state oil company, plan to double their investment in the project to US$8 billion. This additional spend in the refinery and petrochemical project has been attributed to rising costs of materials and construction.
01-Aug-05 
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