Saudi state-owned company, Saudi Aramco and French oil giant Total have agreed to build a petrochemical complex in Jubail in Saudi Arabia.
The companies announced the deal on Tuesday during Crown Prince Mohammed bin Salman’s official visit to Paris.
The complex is expected to be operated in an oil refinery already in use as a joint venture of the two companies.
The total to be invested in the project is $9 billion, it will create 8000 local jobs and bring new technology to the Kingdom. The refinery will produce more than 2.7 million metric tons of high value chemicals, according to the official statement.
Saudi Arabia and France will likely have more strategic partnerships and are expected to sign new contracts in the near future.