Logo of Saudi Basic Industries Corp.
Saudi Basic Industries Corp. (SABIC) signed, on Jan. 12, a memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) and Poland-based group PKN ORLEN for the exploration of potential investment opportunities, including a new chemical production facility in Poland, the expansion of several existing assets and development of a new world-scale cracker.
Upon completion of the exploration phase and if the parties agree to pursue any potential petrochemical project, the three parties will enter into a separate project joint development agreement, the company said in a press statement.
Commenting on the agreement, SABIC’s Executive Vice President for Petrochemicals Abdulrahman Al-Fageeh said the company’s collaborative approach adopted for over 40 years and in every region has built longstanding relationships, delivered innovative solutions and created mutual value.
By bringing together the scale, expertise and technologies of three world-leading companies, this MoU enables us to identify and assess opportunities for ambitious and sustainable growth, he added.
On Jan. 12, Saudi Aramco announced signing of a memorandum of understanding (MoU) with PKN ORLEN and SABIC to explore joint opportunities in Poland and elsewhere in Central and Eastern Europe, Argaam reported.
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