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SABIC Forms Polystyrene Joint Venture with Baser Petrokimya of Turkey

Source: www.gulfoilandgas.com 12/23/2006, Location: Middle East

Saudi Basic Industries Corp. (SABIC) has formed a polystyrene joint venture with Baser Petrokemya of Turkey. SABIC will hold 70 percent of the new joint venture, with Baser holding the remaining 30 percent.

The new joint venture will take over all of Baser's polystyrene assets in Turkey, including an Adana-based plant with a production capacity of 40,000 tons a year. The plant is valued at US$22 million. SABIC will undertake marketing for the new joint ventureís entire product. It is worth mentioning that SABICís wholly owned affiliate petrokemya produces polystyrene and other affiliate SADAF produces Styrene.

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