ExxonMobil, SABIC JV rubber plant in Saudi Arabia

ExxonMobil, SABIC JV for rubber plant in Saudi Arabia

4:35 AM, 1st August 2012
ExxonMobil, SABIC JV for rubber plant in Saudi Arabia
Mohamed al-Mady, CEO, SABIC.

RIYADH, SAUDI ARABIA: Saudi Basic Industries Corp (SABIC) and ExxonMobil Chemical’s new rubber joint venture will start up in the second half of 2015 with an immediate impact on the companies’ earnings. The plant will be located at the Kemya company, a 50/50 joint venture of SABIC and ExxonMobil Chemical, a unit of ExxonMobil Corp set up in Saudi Arabia in 1979.

According to Mohamed al-Mady, CEO, SABIC, the two firms had not yet decided how to finance the $3.4 billion plant but that all options, including tapping debt markets, were open. “We are two strong companies and we never had any problems with financing,” he added.

© Reuters News

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