INEOS has announced plans to invest $2 billion (£1.6bn) to build three plants that would form part of a petrochemical complex in Saudi Arabia.

It says the units will be the “most energy efficient in the world” when they begin production in 2025.

The plants will be part of a $5 billion (£4bn) complex called Project Amical, which will supply more than $4 billion (£3.2bn) of derivatives and speciality chemicals.

INEOS has signed a memorandum of understanding with Saudi Aramco and Total to build the three new facilities.

Paul Overment, CEO INEOS Nitriles said: “Global demand for acrylonitrile continues to grow ahead of GDP, to meet the demand for lighter, stronger, energy efficient materials such as ABS, composites and carbon fibre. This first investment in the Middle East consolidates our position as the market leader and shows a clear and ongoing commitment to meet our customers’ needs wherever they are in the world.”