SABIC headquarters
Saudi Basic Industries Corp. (SABIC) and French oil major TotalEnergies SE are considering the sale of a jumbo US plant that makes mixed-use chemical ingredients, Bloomberg reported, citing unnamed sources with knowledge of the matter.
Total and SABIC are working with an adviser to prepare the sale of the styrene and polystyrene production lines in Carville, Louisiana. Together the two could generate at least $1 billion (SAR 3.75 billion).
Talks are still in an early stage, and the companies may eventually decide to keep the plant, the sources added.
Both companies jointly own a plant for styrene production in Carville. It operates with a capacity of 1.2 million tons annually, Bloomberg added, citing TotalEnergies’ annual report.
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