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FINANCIAL NEWS
Sabic to set up Japanese JV
28 Apr 2011
(MENAFN) Saudi Basic Industries Corp said it would set up a joint venture company with Japan’s Asahi Kasei Chemicals and Mitsubishi Corp, reported Reuters.
The new company, Saudi Japanese Acrylonitrile Co (Shrouq), would build a plant to produce acrylonitrile and sodium cyanide at one of the SABIC affiliates’ sites in Jubail.
The facility will have capacity of 200,000 tons annually of the former and 40,000 metric tons annually of the latter, SABIC said.
Jubail is home to a petrochemicals hub on the east coast of the world’s largest oil exporter Saudi Arabia.
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