SABIC factory
Saudi Basic Industries Corp. (SABIC) launched the commercial operations at the joint venture (JV) project with Exxon Mobil in the US Gulf Coast.
The project comprises the construction of an ethylene production unit with a capacity of about 1.8 million tons annually (MTA), which will feed two polyethylene units with a capacity of about 1.3 MTA and a monoethylene glycol unit with a capacity of about 1.1 MTA.
The relevant financial impact is expected to appear on financial results as of Q1 2022, the company said in a bourse filing.
The project supports SABIC’s global growth strategy, diversifying its feedstock sources and strengthening its petrochemical manufacturing presence in North America for a wide range of products.
In May 2018, SABIC and ExxonMobil agreed to set up a new JV to advance the development of the Gulf Coast Growth Ventures project, a 1.8 million tons ethane cracker planned for construction in San Patricio County, Texas, Argaam earlier reported.
The project cost was estimated at $7.3 billion (SAR 27.4 billion).
In June 2019, SABIC announced obtaining the required permits, including environmental authorizations, to build the petrochemical plant.
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