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Sabic, partner plan new PBT capacity
January 18, 2008
1 Min Read
Saudi Basic Industries Corp. (Sabic; Riyadh) has signed a Memorandum of Understanding with OSOS Petrochemicals, also based in Riyadh but only now being formed, to partner with the business in a new $1 billion petrochemicals facility in Yanbu industrial city.
Should the MOU be signed, Sabic will hold a 35% interest in the facility, which will produce 60,000 tons/yr of polybutylene terephthalate (PBT), as well as chemicals. According to Sabic the new capacity would give it a 15% share of global PBT production.
Sabic already is the world’s fourth-largest polyolefins suppliers, and last leapt into the engineering plastics world by acquiring GE Plastics (now named Sabic Innovative plastics) for $11.6 billion.
OSOS is the result of an announcement made by Saudi Arabia’s petroleum and resource minister in 2006 that the government would open two new petrochemical complexes. According to its website (www.osospetrochemicals.com), the developing company intends to become a global leader in supply of engineering thermoplastics.—[email protected]
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