RIYADH, Saudi Arabia (Nov. 19, 2008) — Saudi Basic Industries Corp. and ExxonMobil Chemical Co. are planning a proposed multi-billion dollar elastomers project in Saudi Arabia.
The project will be at Sabic and Exxon joint ventures, Yanbu Petrochemical Co. in Yanbu and Al-Jubail Petrochemical Co. in Jubail, Saudi Arabia.
The company said the project would establish a domestic supply totaling more than 400,000 metric tons per year of carbon black, rubber and thermoplastic specialty polymers.
This project also includes a vocational training institute, product application development and a support center.
While the firms have signed a Heads of Agreement, which outline the details of project scope, technology, marketing and feedstock supply, the boards of directors for each company will decide whether to officially move forward with the project after more studies are completed to determine its economic feasibility.