SABIC, Exxon Mobil awarded permits to build Texas petrochemical plant
Petrochemicals giant Saudi Basic Industries Corp. (SABIC) announced on Thursday that it has been granted required permits, including environmental authorizations, to build a petrochemical plant in a joint project with Exxon Mobil in the American Gulf Coast’s San Patricio County, Texas.
The joint venture (JV) is expected to have a positive impact on the company’s financial results after the completion of the project and the kick off of the commercial operations.
Expected to launch in H1 2022, the project includes a 1.8 million ton ethylene unit, which will feed a monoethylene glycol unit and two polyethylene units.
In May 2018, SABIC and ExxonMobil US Gulf Investment Company, a fully owned subsidiary of ExxonMobil, agreed on establishing the JV in Texas based on a feasibility study conducted in April 2017. The project’s estimated cost reaches SAR 27.4 billion.