INEOS is to invest $2 billion in Saudi Arabia. Chairman Jim Ratcliffe described it as a major milestone in the company’s 21-year history. “This marks our first investment in the Middle East,” he said.

A new 425,000 tonne acrylonitrile plant - and the first of its kind in the Middle East - will use INEOS' world-leading technology.

"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," said Paul Overment CEO INEOS Nitriles.

INEOS also plans to build a 400,000-tonne LinearAlphaOlefin (LAO) plant and associated world-scale PolyAlphaOlefin (PAO) facility.

“We are one of the world’s leading merchant suppliers of LAO and PAO,” said Joe Walton, CEO INEOS Oligomers. “The size and location of these new plants reinforces our commitment to keep pace with our customers’ expanding requirements globally.”

All three plants, which will produce the key building blocks for carbon fibre, engineering polymers and synthetic lubricants that are pivotal to economic growth in the region, are expected to begin production in 2025.

The decision to invest in the Middle East follows recent investments in Antwerp, the UK, China and America.

Once built, the Jubail 2 petrochemical complex will supply more than $4 billion of downstream derivatives and speciality chemicals units.

“The timing is right for us to enter this significant agreement in Saudi Arabia with Saudi Aramco and Total,” said Jim. “We are bringing advanced downstream technology which will add value and create further jobs in The Kingdom.”