Aramco, Total SA to build a $5-bn petrochemical complex in Saudi Arabia

Steam cracker will feed $4 billion specialty-chemical plants

Saudi Aramco and French oil major Total SA plan to build a $5 billion petrochemical complex near their refinery in Jubail to tap growing demand in the Middle East and Asia.

The companies signed a preliminary deal for the construction of a 1.5 million tonnes a year steam cracker and petrochemicals units, Saudi Arabian Oil Co. and Total said in the joint statement Tuesday. The cracker will feed other petrochemical and specialty chemicals plants, to be built by other companies for $4 billion.

“Saudi Arabia is a growing market” and “it’s also a place from where you can reach other