Saudi Aramco has announced plans for an "energy mega city" to be built in the Kingdom's eastern region, generating around $9bn per year for the Saudi Arabian economy.
According to the company’s vice president for planning Mohammed Al-Qahtani, the project is said to generate more than 300,000 direct and indirect jobs. He said during a conference in Skhirat, Morocco: “The project is aimed at achieving integrated development of oil and gas, petrochemicals, electricity and desalination of seawater.”
Saudi Aramco has made huge strides in recent years towards closer integration of its upstream and downstream operations."Three years ago, Saudi Aramco took a strategic decision to strengthen the Kingdom's position in oil production and refining by investing heavily in the sector and achieving integration with petrochemical, industrial and service sectors," the vice president said.
The vice president also spoke about investment in the petrochemical industry, which currently has $15 billion worth of projects underway making it one of the most budding sectors in the Kingdom.
Al-Qahtani said: "We are involved in several joint ventures such as Sadara in Jubail with Dow Chemical, which is one of the biggest projects with a total investment of $20 billion.”
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