Saudi Aramco approached banks to finance its USD5bn Amiral petrochemical project, which it is planning to develop with France's Total, five sources familiar with the matter said. Aramco is planning to boost investment in refining and petrochemicals in a bid to cut reliance on crude as demand for oil slows. Plans for the Amiral petrochemical complex in the Saudi Arabian city of Jubail were announced in April. It will be located next to the Satorp refinery, which is also jointly owned and operated by Aramco and Total. Aramco has asked banks to pitch for a financial advisory role and to provide indicative commitments for the financing, two of the sources said. The companies said this year the facility would comprise a mixed-feed cracker with a capacity to produce 1.5mn tonnes a year of ethylene. The project, scheduled to start in 2024, requires investment of about USD5bn. The cracker would feed other petrochemical and specialty chemical plants worth USD4bn to be built by other investors, taking total investment to USD9bn, the sources said. One source said it was too early to know the exact size of the debt financing, as it depended on commitments from banks.