Riyadh – Mubasher: Saudi Basic Industries Corp’s (SABIC) will not miss an investment opportunity around the world in accordance with its 2025 strategy, the company’s chairman said.

Saud bin Abdullah bin Thenayan added that the agreement signed with ExxonMobil on a potential petrochemical project is in line with Saudi Vision 2030.

The statement revealed that the deal covers conducting studies on the engineering design for the prospective complex, as well as assessment of the project’s various technical and commercial aspects.

The potential petrochemical complex is projected to have a world-class ethane cracker with a production capacity of 1.8 million tonnes of ethylene per year to feed a monoethylene glycol unit and two polyethylene units, the statement said.

The company noted that studies and necessary procedures are expected to be completed and a final decision is projected to be reached in 2018.