Saudi Basic Industries Corporation (SABIC) announces the latest developments of establishing a petrochemical joint venture project with ExxonMobil in the U.S. Gulf Coast
|Introduction|| Referring to the announcement made by Saudi Basic Industries Corporation (SABIC) on 13 June 2019.
SABIC would like to announce the start of commissioning activities and preparations for initial start-up of the joint venture project with Exxon Mobil in the U.S. Gulf Coast. The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tons, which will feed two polyethylene units and a monoethylene glycol unit.
(SABIC) expects that this project will have a positive impact on its consolidated financial statements. The financial impact will be after the commercial operation and project completion which will be announced accordingly.
This project supports SABIC’s global growth strategy, diversifying its feedstock sources and strengthening its petrochemical manufacturing presence in North America for a wide range of products.
|Previous Announcement||Saudi Basic Industries Corporation (SABIC) announces the latest developments of establishing a petrochemical joint venture project with ExxonMobil in the U.S. Gulf Coast|
|Date of Previous Announcement on Tadawul's Website||2019-06-13 Corresponding to 1440-10-10|
|Percentage of fulfilled achievement||NA|
|Event's Expected Completion Date||NA|
|The costs associated with the event, and if they have changed or not with indication of the reasons.||NA|