Sumitomo-Aramco venture plans petrochemical complex

Sumitomo Chemical's joint venture with Saudi Aramco plans to build another large petrochemical complex in Saudi Arabia next to the one that is scheduled to start up at the end of the month.
The venture, Petro Rabigh, could start construction by year-end and the second complex could come online in 2013 or 2014.

Investments costs could total yen 300 bn to yen 500 bn ($ 3.1 bn to $ 5.1 bn), with funds to come from the venture's two parents and borrowings from a group of banks. Plans for the investment were recently approved by the Saudi government.
The new complex will make products including plastics for auto parts and materials for LCD televisions.