Sabic, Exxon Mobil Affiliate Consider JV Petrochemical Complex Devt in US
July 25 2016 - 12:46PM
Dow Jones News
By Ahmed Al Omran
RIYADH--Saudi Basic Industries Corp. and an affiliate of Exxon
Mobil Corp.(XOM) are considering the potential development of a
join-venture petrochemical complex on the U.S. Gulf Coast, the two
companies said Monday.
The project, if developed, will be located in Texas or Louisiana
near natural gas feedstock and include a world-scale steam cracker
and derivative units, the company, better known as Sabic, said.
No final decision on the investment has been made yet as the two
companies plan to carry out studies and consult with state and
local officials to help identify a potential site before making the
decision, it added.
"We are focused on geographic diversification to supply new
markets," said Yousef Abdullah Al-Benyan, vice chairman and chief
executive of Sabic, one of the world's largest petrochemical
companies.
Sabic and ExxonMobil have worked together for 35 years in major
chemical joint ventures in Saudi Arabia, according to the
statement.
Write to Ahmed Al Omran at alomran@wsj.com
(END) Dow Jones Newswires
July 25, 2016 12:31 ET (16:31 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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