Saudi Basic Industries Corp. — Capital/Financing Update 2017

Apr 10, 2017

Saudi Basic Industries Corp. announces the latest developments on ENTERING INTO A STRATEGIC PARTNERSHIP WITH MITSUBISHI RAYON CO., LTD.

2010 · 10/04/2017 09:29:46 · Announcement #46337 · View on Saudi Exchange

Saudi Basic Industries Corp. announces the latest developments on ENTERING INTO A STRATEGIC PARTNERSHIP WITH MITSUBISHI RAYON CO., LTD.

With reference to the SABICs announcement published on Tadawul on 26/4/2014 regarding entering into a strategic partnership (SAMAC) between SABIC and Mitsubishi Rayon Co., Ltd. for the construction and operation of two new manufacturing plants in Jubail Industrial City, one for the production of Methyl Methacrylate Monomer (MMA) with 250,000-metric-ton annual capacity, and the other for Poly Methyl Methacrylate (PMMA) with an annual capacity of 40,000 metric tons, both adopting state-of-the-art world technologies, as well as awarding the EPC contract to CTCI Corporation (Taiwan), SABIC announces the safe & successful Mechanical Completion of SAMAC Poly Methyl Methacrylate (PMMA) plant on 09th of April 2017. This resulted to achieved 20 Million safe man hours without lost work day Injury which demonstrate the EHSS work culture sustained on this project while maintaining high quality and timely execution.

It is worth mentioning that the commissioning of the joint venture is expected to be in the second quarter of 2017 for about six months, after which the commercial operations will begin. Impact on financial results is expected after the announcement of the commercial operations. The relevant progress details will be announced in due course.

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