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SABIC & Exxon to Take Saudi Rubber Plant FID in July

Source: Reuters 4/25/2012, Location: Middle East

Saudi Basic Industries Corp (SABIC) and Exxon Mobil plan to make a final investment decision on their multi-billion dollar synthetic rubber project in Saudi Arabia in July, SABIC's chief executive said.

"The decision will be made in July, the tenders are out but it doesn't mean that the project is on," Mohamed al-Mady told reporters. "If the prices of bids are high, we won't proceed."

The joint Kemya project would be able to produce more than 400,000 tonnes per year of rubber and synthetic polymers for domestic and international markets.

U.S. firm Jacobs engineering and Japan's Mitsui Engineering & Shipbuilding have already been contracted to do front-end engineering and design (FEED) work for the process units of the project at Jubail on the Gulf coast.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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