Saudi Basic Industries Corp. — Capital/Financing Update 2017

Apr 19, 2017

SABIC announces recent developments in its evaluation of establishing a petrochemical joint venture project with Exxon Mobil in the U.S. Gulf Coast

2010 · 19/04/2017 15:05:25 · Announcement #46497 · View on Saudi Exchange

SABIC announces recent developments in its evaluation of establishing a petrochemical joint venture project with Exxon Mobil in the U.S. Gulf Coast

Reference to the announcement issued by the Saudi Basic Industries Corporation (SABIC) on July 25, 2016, regarding progress in the evaluation of establishing a petrochemical joint venture project with ExxonMobil in the U.S. Gulf Coast. SABIC would like to announce that the two parties have agreed on April 19, 2017, to choose the county of San Patricio, Texas, to be the site of the potential project. This step was taken as part of the required procedures carried out before making a decision on establishing the project. The two sides will carry out further studies and other relevant requirements including the initial engineering design studies of the project, and the assessment of the technical and commercial aspects; in order to make a decision on establishing the potential project, which is expected to be sometime in 2018.

The potential joint venture project will include a 1.8 mta Ethylene Production Unit, which will supply Ethylene to other units to produce Ethylene derivatives

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