Reuters reported that Tokyo based Japan's Sumitomo Chemical Company has agreed with Saudi Aramco to expand their USD 10 billion petrochemical plant in Rabigh.

Under an agreement signed by the two firms, Petro Rabigh Company is expected to complete the feasibility study by the Q3 of 2010 for the development of the plant as a major expansion of the existing petroleum refining and petrochemical complex.

The world class integrated refining and petrochemical facilities are targeted to come online by the Q3 of 2014.

According to Sumitomo Chemical, the complex will produce a diverse slate of petrochemicals, most of which are newly introduced to the kingdom.

(Sourced from Reuters)