Saudi Basic Industries Corporation (SABIC) has started commercial operation of the joint venture project with Exxon Mobil in the U.S. Gulf Coast.
The project includes the establishment of an ethylene production unit with annual capacity of about 1.8 million tons, which will feed two polyethylene units with annual capacity of about 1.3 million tons and a monoethylene glycol unit with annual capacity of about 1.1 million tonnes.
The financial impact is expected to contribute to the company financial results from the first quarter of 2022, the petrochemicals giant said in a Tadawul disclosure.
The project supports SABIC’s global growth strategy, diversifying its feedstock sources and strengthening its petrochemical manufacturing presence in North America for a wide range of products, it added.
SABIC is 70 percent owned by Saudi state-controlled oil producer Saudi Aramco.
(Writing by Brinda Darasha; editing by Seban Scaria)
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