Issue Date: March 30, 2009
Aramco Sees Boost Of Sumitomo Venture
While addressing business leaders in Saudi Arabia last week, Saudi Aramco CEO Khalid A. Al-Falih said his company will "soon" sign a memorandum of understanding with Sumitomo Chemical concerning the expansion of their joint venture. The two firms are about to start up the venture, an $8.5 billion refinery and petrochemical complex in Rabigh, Saudi Arabia, that will produce up to 2.4 million metric tons of petrochemicals annually. Al-Falih said it is the right time, while the global economy is slack, to formulate future investment strategies. Sumitomo says it is not ready to announce any details concerning an expansion.
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