FINANCIAL NEWS

SABIC signs deal with Exxon Mobil

16 May 2011

(MENAFN) Saudi Basic Industries Corp. (SABIC) stated that it inked an agreement with Exxon Mobil Chemical for engineering and licensing work on the two companies’ joint venture in for synthetic rubber, reported Arab News.

SABIC stated that front-end engineering and design (FEED) work for the joint venture would be carried out by Jacobs Engineering and Mitsui Engineering & Shipbuilding, while Fluor Transworld Services Inc would execute the FEED for the associated support facilities.

An official at Exxon Mobil commented saying that the deal was worth USD 5 billion.

On another note, SABIC said it closed deals with Continental Carbon for a technology license and marketing of the carbon black produced at the planned plant.

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