BP To Develop Saudi Petrochemistry

UK oil giant BP has announced it is about to invest up to $2bn in Saudi Arabia's petrochemicals industry.

BP?s unit Innovene has signed a memorandum of understanding with Saudi development firm Delta International.

"The memorandum marks the beginning of detailed negotiations between Innovene and Delta," BP said.

The company said the investment would form a "platform for long-term growth opportunities" in Saudi Arabia.