Saudi Aramco and Sumitomo Chemical started the Petro Rabigh Project with the aim of building integrated oil refining and petrochemical operations by way of upgrading Saudi Aramco’s oil refinery and constructing a new petrochemical complex. A joint venture agreement was signed between Saudi Aramco and Sumitomo Chemical in August 2005 and Petro Rabigh was established, an equally owned joint venture to run the Rabigh complex,
Petro Rabigh is another huge Saudi project and the finished result will be one of the world’s largest integrated oil refining and petrochemical facilities.
The joint venture between Saudi Aramco and Sumitomo Chemical Co of Japan will refine Arabian Light crude oil to produce high-value light petroleum products. The complex will also produce ethylene, propylene and other refined products.
Sumitomo Chemical and Saudi Aramco each hold a 37.5% stake in Petro Rabigh, while the remaining 25% is owned by public investors, following an IPO which took place in early 2008.