SABIC considering joint venture with ExxonMobil in US
SABIC is considering developing a petrochemical complex on the US Gulf Coast in conjunction with an affiliate of Exxon Mobil Corporation. The two companies have previously worked together on major chemical joint ventures in Saudi Arabia.
The potential project would be located in Texas or Louisiana near natural gas feedstock.
Before making final investment decisions, the companies will conduct necessary studies and work with state and local officials to help identify a potential site with adequate
SABIC's Vice Chairman and Chief Executive Officer Yousef Abdullah Al-Benyan said: We are focused on geographic diversification to supply new markets. The proposed venture would capture competitive feedstock and reinforce SABIC’s strong position in the value chain.”
Neil Chapman, president of ExxonMobil Chemical Company, added: “We have the capability to design a project with a unique set of attributes that would make it competitive globally. That is vitally important as most of the chemical demand growth in the next several decades is anticipated to come from developing economies.”
Read the July 2016 issue of Business Review Middle East magazine