Saudi Arabia's Ministry of Investment has signed an investment agreement with SATORP to develop the "Amiral" project, a joint venture between Saudi Aramco and TotalEnergies.

The project aims to accelerate the localisation of petrochemical value chains and to catalyse the growth of downstream industries, said a Saudi Press Agency report.

The signing was held under the patronage and in the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz.

The Amiral project will focus on the production of petrochemicals that serve as essential enablers for several strategic sectors, including the automotive and construction industries. 

In a move to maximise the added value of the Kingdom's natural resources, approximately 50% of the project’s production will be allocated as feedstock to develop and support local industrial supply chains. The remaining output will be exported to global markets, contributing to the Kingdom’s trade balance and the ongoing diversification of non-oil revenue streams.

This initiative is part of the Integrated Energy Strategy, which emphasises the development of petrochemical projects using liquid feedstock. By aligning with both the National Industrial Strategy and the National Localization Strategy, the project will play a pivotal role in enhancing local content and creating direct, high-value employment opportunities for Saudi citizens.