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GS, Saipem win petrochemical deals in Saudi Arabia

Saudi Aramco and Japan's Sumitomo Chemical have awarded South Korean group GS Engineering and Construction and Italy's Saipem contracts to expand their Rabigh II project on the Red Sea coast of the kingdom, Reuters has reported. GS said that its contract was worth $1.8bn, while industry sources in Saudi Arabia said that Saipem's deal was worth about $700m. The Rabigh II project is part of Aramco's plans to diversify its business from crude oil into chemicals, unconventional gas and renewables. Operations are planned to start in the first half of 2016.