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Article Excerpt
PROJECT OVERVIEW:
A Saudi/Japanese joint venture recently agreed to build what is claimed to be a giant petrochemical complex in Rabigh, Saudi Arabia. The partners in the planned undertaking include the local SAUDI ARAMCO and SUMITOMO CHEMICAL CO. LTD. of Japan. According to Hiromasa Yonekura, SUMITOMO President, the project is unique and when completed it will be one of the most competitive facilities in the world.
The Rabigh refinery, which supplies both the domestic and international markets with oil products, processes about 400,000 barrels per day of crude oil. Construction plans under consideration call for converting the refinery into a world-class petrochemical complex that will have an installed production capacity of 2.2 million tons per year of olefins along with large volumes of gasoline and other refined products. The manufacturing base is expected to be the largest such facility ever built at a single stroke.
As things currently stand, the partners' first step will consist in completing a joint project feasibility study. In so doing, the definitive documents to implement the scheme will reportedly be negotiated in parallel with the study. The project, to be completed some time during the year 2008, is expected to cost $4,300,000,000 to build.
SAUDI ARAMCO employs a total workforce of approximately 54,000. The company is considered to be one of the world's largest petroleum organizations as well as one of the biggest oil and natural gas liquids (NGL) producers. The state-owned corporation is said to hold 98% of the country's petroleum reserves as well as account for 95% of its oil production.
SUMITOMO CHEMICAL employs a total staff of about 6,200. The company is engaged in the manufacture of industrial chemicals, plastics, pharmaceuticals, aluminum, synthetic rubber, dyestuffs and fine chemicals as well as pesticides and electronic products. Its engineering subsidiary,...
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