Total and Saudi Aramco signed an agreement on October 8 for engineering studies on the construction of a petrochemicals complex at the Jubail Satorp refinery worth $5 billion, Reuters reported.

The complex is slated to be operational in 2024 and will house a mixed-feed cracker with a capacity of 1.5 million tons per year of ethylene and related high-added-value petrochemical units.

Total’s commitment to the project comes as a part of its strategy to expand into petrochemicals and tap the growing polyethylene market.

“This world-class complex also fits with our strategy to expand in petrochemicals by maximizing the synergies within our major platforms, leveraging low-cost feedstocks and taking advantage of the fast-growing Asian polymer market,” Total’s CEO Patrick Pouyanne said in the statement.

The complex will provide feedstock for other petrochemical and specialty chemical plants in the Jubail industrial area as well as to some others; representing an additional $4 billion investment by third-parties.

“Satorp’s second-phase expansion represents a quantum leap in Saudi Aramco’s downstream strategy to maximize our hydrocarbon resources and help position the Kingdom as a chemicals manufacturing hub,” Saudi Aramco Chief Executive Amin Nasser said in a statement.