Saudi Aramco and Sumitomo Chemical decided to transfer ownership of a planned $8.5 billion (SAR32 billion) petrochemical facility to their joint venture PetroRabigh , Reuters reported. The new facility, known as Rabigh II, is to be built as an expansion of PetroRabigh’s existing petrochemical plant, increasing output and introducing higher-margin products. The project, located on Saudi Arabia’s Red Sea coast, received a formal go-ahead from the parent firms in 2012; PetroRabigh has said previously it is due to come online in 2016, despite a string of maintenance problems at the existing facility. Ownership of the planned new facility will be transferred from Aramco and Sumitomo to PetroRabigh in the fourth quarter of this year, the company said on Sunday.
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