Saudi Basic Industries Corp. — Capital/Financing Update 2018

Jan 2, 2018

SABIC announces latest updates on its agreement with Celanese Corporation to establish a Polyacetal

2010 · 02/01/2018 15:42:18 · Announcement #49112 · View on Saudi Exchange

SABIC announces latest updates on its agreement with Celanese Corporation to establish a Polyacetal

In reference to SABIC's announcement on Tadawul on June 8, 2017, regarding the latest updates on its agreement with Celanese Corporation for the establishment of Polyacetal plant with an annual capacity of 50,000 metric tons within Ibn Sina Complex in Jubail Industrial City, at a total cost of US$ 387 million. The announcement also referred to starting construction works in the plant to expand the existing operations of Ibn Sina Complex, and continuing the pilot operation phase to complete the performance and efficiency tests in terms of production design capacity in preparation for handing over and starting commercial operations. SABIC would like to announce the start of commercial operations on Jan 2nd 2018. The financial impact will be reflected on the financial results for the 1st quarter of 2018.

The new project use methanol feedstock produced in Ibn Sina. The Polyacetal is a specialized high value added chemical product, supports mainly the automotive, electronics, mechanical, structural industries, and many other industrial applications.

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