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Regions :: Middle East

Petro Rabigh project's costs escalate to $8.5 billion

1:48 AM MDT | May 15, 2014 | Natasha Alperowicz

The cost of a previously announced project, which aims to significantly expand the capacity of Petro Rabigh (Rabigh, Saudi Arabia) and introduce new products to its portfolio will cost much more than originally estimated, the company has announced. Petro Rabigh, a joint venture between Saudi Aramco and Sumitomo Chemical, had originally envisaged the cost to be about $7.00 billion. New estimates put the expansion costs at 32 billion Saudi riyals ($8.53 billion). The project is scheduled for completion in 2016.   The project foresees expansion of the ethane...

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