Saudi Aramco, the national oil company of Saudi Arabia, and Japan's Sumitomo Chemical Co. will spend $7 billion to expand a petrochemical project in the kingdom, Reuters reported.
Sumitomo said it was pressing on with the Rabigh II project, due to start operations in early 2016, as it expects the market to pull out of a recent slump.
"The industry is now at a low point, but we are not worried about its long-term prospects," Osamu Ishitobi, vice president of Sumitomo Chemical, said.
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