Saudi Arabia’s endowment of oil and gas, our expanding network of refining and chemicals facilities integrated with industrial parks, and geographic proximity to major markets in Europe and Asia all combine to create favorable conditions for investment, growth, and even greater demand.
In 2016, we safely and reliably supplied the country’s transportation sector with the refined products and fuels needed to keep the Kingdom moving, provided fuel and feedstock to the Kingdom’s power sector, made significant progress on our integrated refining and chemicals projects, and advanced the development of a base oils business. We also continued to explore enhanced integration opportunities within our refining network while focusing on our performance to boost operating efficiency.
The potential to grow our in-Kingdom employment is especially strong in the chemicals sector. Currently, the regional chemicals industry accounts for less than 1% of the global number of jobs in the sector and related industries.
Our expansion into the industry will raise that percentage. For example, adjacent to Sadara is the PlasChem Value Park. Expected to create 1,500 direct jobs and generate opportunities for thousands more indirect jobs, the park has attracted some of the world’s largest chemical and oil services investors.
Our support includes investing in an ethylene oxide and propylene oxide pipeline, and coordinating our efforts with the PlasChem Value Park team and the Royal Commission for Jubail and Yanbu' to attract investors and future customers.
Petro Rabigh PlusTech Park
The Petro Rabigh PlusTech Park, integrated with Petro Rabigh, is expected to generate more than 2,000 jobs and attract private sector investment of over $1 billion. Given the park's potential to attract new customers, we contributed 50% of the park's development costs and currently own a 50% stake in its infrastructure and assets.
Our main role is to promote and market PlusTech Park to attract downstream conversion industries that will consume our fuel and feedstocks. So far, 30 local and international plastics converters have signed agreements to operate in the park, 14 of which have commenced production.