Saudi Aramco to build giant oil complex with French Total

Saudi Aramco to build giant oil complex with French Total
Workers set up the red carpet before Saudi Arabia Crown Prince Mohammed bin Salman's arrival at the Elysee Palace in Paris, Tuesday, April 10, 2018. France is tapping into the business of culture to develop agreements with Saudi Arabia and profit from the heir to the throne's goal of modernizing the conservative kingdom. (AP Photo/Christophe Ena)

PARIS (AP) — Saudi national company Aramco and French oil giant Total have signed an agreement to build a giant petrochemical complex in Jubail in Saudi Arabia.

The companies announced the deal Tuesday in a joint statement during the official visit of Crown Prince Mohammed bin Salman to Paris.

In total, billion will be invested, creating 8,000 local jobs. The project will produce more than 2.7 million metric tons of high value chemicals, the statement said.

The prince is to have dinner with French President Macron Tuesday evening at the Elysee palace, where they will hold a joint news conference.

They are expected to discuss a future “strategic partnership” expectedly to see new contracts signed during Macron’s trip to Saudi Arabia at the end of the year.