Riyadh – Mubasher: Saudi Basic Industries Corporation (SABIC) announced the start of commissioning activities and preparations for the initial startup of its joint venture (JV) project with ExxonMobil in the US Gulf Coast, according to a bourse filing on Sunday.
The petrochemical JV project includes the establishment of an ethylene production unit that would have a production capacity of about 1.8 million tonnes, which will serve two polyethylene units and a monoethylene glycol unit.
SABIC expected the development to have a positive impact on its consolidated financial statements. The evaluation of the financial impact will be disclosed after the commercial operation and completion of the project.
The JV endorses the Saudi listed firm’s global growth strategy, while diversifying its feedstock sources and boosting its petrochemical manufacturing presence in North America.