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30DIRECTORYOFSINGAPOREPROCESS&CHEMICALSINDUSTRIES2023/2024theexistingSATORPrefineryThiswillenableSATORPtoconvertinternallyproducedrefineryoff-gasesandnaphthaaswellasethaneandnaturalgasolinesuppliedby AramcointohighervaluechemicalshelpingtoadvanceAramcosliquidstochemicalsstrategyCostingaroundUS$11billion funded throughequitybyAramco(625%)andTotalEnergies(375%)thenewfacilitywillhaveamixedfeedcrackercapableofproducing165milliontonsofethyleneperannumthefirstintheregiontobeintegratedwitharefineryItwillalsoincludetwostate-of-the-artpolyethyleneunitsabutadieneextractionunitandotherassociatedderivativesunitsPetrochemicalscontinuetogainprominenceinSaudiArabiaaspartofitsliquidstochemicalsstrategywhichisaimedatreducingdependenceontheupstreamsectordiversifyitseconomyandcreateadditionalemploymentopportunitiesThecountryhashugepotentialtoconvertitsliquidsintochemicalsthroughadvancedtechnologiesandsupportaviablecirculareconomynotedMrHimaniPantPandeyOil&GasAnalystatGlobalDataInneighbouringQatarQatarEnergyisbuilding a 21 million metric ton per year ethyleneprojectinRasLaffaninjointventurewithChevronPhillipsChemicalCoBuiltatthecostofUS$6billionQatarEnergywillown70%oftheprojectwhileChevronPhillipsaChevron-Phillips66petrochemical jointventure30%Theprojectalsoincludestwopolyethylenetrainswithacombinedoutput capacity of17 million metric tonperyearofhigh-densitypolyethylenepolymerproductsraisingQatarsoverallpetrochemicalproductioncapacitytoabout14millionmetrictonper/yearProductionisexpectedtobeginin2026ThismarksQatarEnergyslargestinvestmenteverinQatarspetrochemicalssectorandthefirstdirectinvestmentin12yearsQatarsEnergyMinisterSaadal-KaabisaidinthestatementIt will double the companys ethyleneproductioncapacityandincreaseitslocalpolymerproductionfrom26millionmetrictonperyeartomorethan4millionmetrictonperyearRenewablesGain TractionEvenasgovernmentsandtheenergyindustrycontinuetoinvestinfossilfuelstomeetdemandgrowthandensureenergyresiliencetheyrecognisethaturgentactionisneededtodecarboniseandmitigatetheworsteffectsofclimatechangeAccordingtoaBloombergNEFreportworldwideinvestmentinthegreenenergy transitionrose 31% toreach anewrecordofUS$11trillionin2022almostequivalenttotheamountinvestedinfossilfuelproductionSolarandwindpowerheadedthelistaccountingforUS$495billionfollowedbyelectricvehiclesatUS$466billionNearlyhalfoftheglobalenergytransitioninvestments-US$546billion-weremadeinChinafollowedbytheUSatUS$141billionThenumbersareexpectedtoincreasegoingforwardasinvestmentinrenewables–thoughincreasing–isstillshortofwhattheworldrequirestotacklehumanitysbiggestchallengeInacommentarypublishedinFortuneon17Jan2023JeremyJurgensManagingDirectoroftheWorldEconomicForumwroteIfyouvefollowedrecentclimateheadlines youknow theclimatenewsistoughTheplanswehavewontmeetthemuch-neededtargetsWerecuttingemissions but not making headway fast enoughExpertsagreeourcurrentpledgeswillkeepusontrackfora25°Criseintemperaturebytheendofthecenturyashiftthatwillmultiplytheclimatecalamitieswereexperiencing