Sumitomo expects finance approval for USD7 billion project in KSA

(MENAFN) Japan's Sumitomo Chemical is expecting to secure project finance approval for a USD7 billion expansion of a petrochemical project in Saudi Arabia next year, Arab News reported. PetroRabigh's output is at 18 million tons of refined products and 2.4 million tons of petrochemicals. Sumitomo Chemical President said: "The Rabigh II plan is on track with an aim to start operation in 2016. The total investment plan of $7 billion is unchanged."