State-owned energy giant Saudi Aramco is considering building a $20 billion refining and petrochemical complex at Yanbu on the Red Sea coast, Reuters reported.

Upon completion, the new Yanbu refinery would have a capacity of 400,000 barrels per day and would operate alongside an existing Aramco refinery that currently has a capacity of 240,000 bpd, it was reported.

The contract to execute front-end engineering and design work for the project is expected to be awarded to British-based Amec Foster Wheeler, although the firm did not confirm this.

The project is still in the initial planning stages and is expected to be completed in 2023 if it goes ahead, Reuters reported, citing unnamed sources. The announcement follows Aramco’s ongoing integration of its refineries with petrochemical production as it develops its downstream business and expands its trading of refined products.

Last year Aramco said its downstream investments would exceed $100 billion over the coming ten years, and added that its refining capacity would reach between 8 and 10 million bpd in the coming years.