Saudi Arabia’s Nabaa Industrial Development and Investment Company and Japan’s Mitsui & Company are conducting feasibility studies for a $20bn petrochemical complex at the Red Sea port of Yanbu, Reuters reports.

The complex would use crude oil as a feedstock and produce 45 petrochemical products. The two firms will take a final investment decision once after June this year, when feasibility studies are due to be completed. The project, if feasible, would be operational by 2019.