SABIC, ExxonMobil JV to preparing for initial startup
Saudi Basic Industries (SABIC), the world's fourth-biggest petrochemicals firm, said its joint venture project with ExxonMobil in the U.S. Gulf Coast has began commissioning activities and preparing for an initial startup.
"The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tonnes, which will feed two polyethylene units and a monoethylene glycol unit," the company said in a statement.
The statement added that the project supports SABIC's strategy to diversify its feedstock sources and strength its petrochemical manufacturing presence in North America for a wide range of products.
SABIC expects that this project will have a "positive impact" on its consolidated financial statements.
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