The Saudi Arabia’s Ministry of Investment has signed an investment agreement with SATORP to advance the development of the ‘Amiral’ project.
This initiative, under the patronage of Saudi Arabia Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, is set to enhance the localization of petrochemical value chains and foster the growth of downstream industries in Saudi Arabia.
The project is a joint venture between Saudi Aramco and TotalEnergies, further strengthening the Saudi Arabia’s position in the global petrochemical sector.
The Amiral project will focus on the production of petrochemicals that serve as essential enablers for several strategic sectors, including the automotive and construction industries.
In a move to maximize the added value of the Kingdom’s natural resources, approximately 50 percent of the project’s production will be allocated as feedstock to develop and support local industrial supply chains.
The remaining output will be exported to global markets, contributing to the Kingdom’s trade balance and the ongoing diversification of non-oil revenue streams.
This initiative is a key component of the Integrated Energy Strategy, which focuses on the strategic development of petrochemical projects utilizing liquid feedstock. By prioritizing the use of liquid feedstock, the strategy aims to enhance the efficiency and sustainability of petrochemical production in the Kingdom.
By aligning with both the National Industrial Strategy and the National Localization Strategy, the ‘Amiral’ project will play a pivotal role in boosting local content and fostering the development of high-value employment opportunities for Saudi citizens. These strategies focus on advancing the Kingdom’s industrial capabilities and ensuring that more value is created domestically, which in turn supports the growth of local industries.
The project will help nurture a skilled workforce, create jobs in various sectors, and contribute to the long-term economic sustainability of Saudi Arabia by reducing reliance on external labor and enhancing local expertise, as per the reports.
