SABIC, ExxonMobil preparing for joint venture in US

Web Desk BOL News

20th Sep, 2021. 12:41 pm

RIYADH: Saudi Basic Industries Corporation (SABIC) has started commissioning activities and preparing for an initial startup for its joint venture with ExxonMobil in the US, Arab News reported.

The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tonnes, which will feed two polyethylene units and a monoethylene glycol unit, it said in a statement.

The world’s fourth-biggest petrochemicals firm expects this project to have a positive impact on its consolidated financial statements after the commercial operation begins, which it will announce in due course.

It supports SABIC’s strategy to diversify its feedstock sources and strengthen its petrochemical manufacturing presence in North America for a wide range of products, it said.

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