SABIC, Montefiber sign two agreements

16 Jun 2011

(MENAFN) Saudi basic Industries Corp (SABIC) announced that it signed a technology licensing deal and a carbon fiber plant deal with Montefiber, the Italian company, reported Arab News.

The company added that the carbon fiber plant would be established in Spain, and it would exploit the technology for another new carbon fiber plant which would be constructed in the Kingdom.

It also said that Montefiber and SABIC signed a memorandum of understanding (MOU) to carry out a feasibility study for a new carbon fiber plant in Spain, which when completed, would supply 3,000 tons of industrial grade carbon fiber to serve emerging markets in the Middle East in addition to international markets..

It is worth noting that last month, the petrochemicals giant said that it plans a USD1 billion facility with China Petroleum & Chemical Corp (Sinopec) to supply China’s increasing demand for plastics.

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