In a statement the Japanese firm said, “[We plan] to construct a large-scale complex there to export petrochemical products to international markets. The complex includes an ethylene plant with an annual production of between 1 and 2 million tons, which would make it a global leader.”

“The project will involve an investment of 500 billion yen [US$4.4 billion] to be equally split between the two companies,” added Sumitomo.