INEOS Styrolution India Limited (NSE: INEOSSTYRO.NS) announced today that it has signed an agreement with Saudi Aramco and Total, France to build three new plants in the kingdom of Saudi Arabia. The three plants will be responsible for producing carbon fibre, engineering polymers and synthetic lubricants which are all imperative for the economic growth of the region.
INEOS will construct a 425,000 ton acrylonitrile plant as well as a 400,000 ton Linear Alpha Olefin (LAO) plant. INEOS Nitriles is currently the world’s largest producer of acrylonitrile with over 90% of the world’s acrylonitrile being produced with INEOS technology. The new plants will be responsible for creating jobs within the kingdom and stimulating further economic growth.
The project is an additional installment of INEOS’ growth plan which also includes announced investments of EUR 3 Billion (USD 3.3 Billion) into a new plant in Antwerp and a GBP 1 Billion (USD 1.27 Billion) investment across the UK. Acquisitions in China and capacity increases in the US Gulf Coast, Alabama, and Chocolate Bayou facilities are planned as well.
“Global demand for acrylonitrile continues to grow ahead of GDP, to meet the demand for lighter, stronger, energy efficient materials such as ABS, composites and carbon fibre. This first investment in the Middle East consolidates our position as the market leader and shows a clear and ongoing commitment to meet our customers’ needs wherever they are in the world,” said Paul Overment, Chief Executive Officer of INEOS Nitriles.