British petrochemicals maker Ineos is investing $2 billion to build three plants in Saudi Arabia that would form part of petrochemical complex being developed in the Kingdom by state-owned Saudi Aramco and France's Total.
INEOS' plants would be part of a $5 billion complex called Project Amiral that aimed to supply more than $4 billion of derivatives and speciality chemicals, the company said.
"We are bringing advanced downstream technology which will add value and create further jobs in the Kingdom," Ratcliffe, INEOS' chairman, said in a statement to announce the deal with Aramco and Total.
The energy and chemicals firm said the plants would have access to competitive raw materials and energy, as well as infrastructure to serve customers in the region and Asia.
INEOS is one of the largest producers of acrylonitrile, a toxic liquid used to make artificial fibres and other polymers.
One of the three plants would be a acrylonitrile plant, the company said.
Paul Overment, chief executive of INEOS Nitriles, said demand for acrylonitrile was outpacing economic growth.
