INEOS to invest $2 bln in Saudi petrochemical complex

Billionaire Jim Ratcliffe's petrochemicals company, INEOS will invest $2 billion to build three plants in Saudi Arabia as part of Saudi Aramco and Total's petrochemical complex.

INEOS' plants will be part of Saudi Aramco and Total's planned construction of a $5 billion petrochemical complex called Project Amiral, which would supply more than $4 billion of downstream derivatives and speciality chemicals, the company said in a statement.

"The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total,” Jim Ratcliffe, chairman of INEOS, said.

“We are bringing advanced downstream technology which will add value and create further jobs in the Kingdom," he said.