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FINANCIAL NEWS
Sabic, Exxon rubber plant to start operations in H2 2015
31 Jul 2012
(MENAFN) Kemya Company, a 50/50 joint venture of Saudi Basic Industries Corp (Sabic) and ExxonMobil Chemical, expected its rubber plant in Jubail to start operations in the second half of 2015, Reuters reported.
The USD3.4 billion project targets both domestic and international synthetic rubber markets as Saudi Arabia seeks to build downstream industries around its major petrochemicals operations to produce higher value specialty chemicals.
Sabic CEO Mohamed Al-Mady said the partners had not yet decided how to finance the plant but all options were open.
Engineering, procurement and construction contracts have been awarded, the partners said in a statement.
The plant is poised to produce 400,000 tons a year of synthetic rubber and other polymers in June 2015.
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