Saudi Aramco is set to sign a deal with Sumitomo Chemical for the expansion of the Petro Rabigh plant, Aramco president and chief executive Khalid A Al-Falih has claimed.

Addressing the Chamber of Commerce and Industry in Dammam, the boss announced that the two companies are expected to sign a memorandum of understanding to oversee the second phase of the refinery project.

Mr Al-Falih also announced plans to develop two new training and development centres to service the oil and gas industry in al-Hasa and Dammam.

According to the Saudi Press Agency, Mr Al Falih also called for the rapid and robust development of associated industries that would help to turn Saudi Arabia into a leading exporter of refined products.

Despite holding the largest oil reserves in the world, Saudi Arabia is a net importer of refined products because, at present, its processing facilities are insufficient in meeting domestic demand for products such as petrol and diesel.

Global Education and Training event for Oil and Gas: Refining and Petrochemicals