Sabic, ExxonMobil plans petrochemical JV US gulf coast

Sabic, ExxonMobil plans petrochemical JV on US gulf coast

9:45 AM, 26th July 2016
Sabic, ExxonMobil plans petrochemical JV on US gulf coast

HOUSTON, US: Sabic and an affiliate of ExxonMobil Corporation said that they are considering the potential development of a jointly owned petrochemical complex on the US Gulf Coast.

If developed, the project would be located in Texas or Louisiana (US) near natural gas feedstock and include a world-scale steam cracker and derivative units.

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 infrastructure access.

ExxonMobil and Sabic have worked together for 35 years in major chemical joint ventures in Saudi Arabia.

“We are focused on geographic diversification to supply new markets,” said Yousef Abdullah Al-Benyan, Sabic vice chairman and CEO. “The proposed venture would capture competitive feedstock and reinforce Sabic’s strong position in the value chain.”

“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 are anticipated to come from developing economies,” said Neil Chapman, president of ExxonMobil.

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