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Petrochemicals giant Saudi Basic Industries Corporation (SABIC) has begun commercial operations at its monoethylene glycol (MEG) plant in Jubail, which has an annual production capacity of 700,000 metric tonnes.
The financial impact from the operation is expected to begin during Q4-2022, according to a Tadawul bourse filing.
SABIC started trial operations at the United Ethylene Glycol Plant (3) last year.
MEG prices fell around 17% in Q3-2022 as global demand was hit by fears of recession and is currently trading around $486 per tonne. However, prices are expected to begin recovering from Q4-end, according to Eikon data.
(Reporting by Brinda Darasha; editing by Seban Scaria)
