Saudi SABIC begins commissioning of Exxon Mobil JV

The project to have a positive impact on SABIC's consolidated financial statements

  
Image used for illustrative purpose. A view of the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh January 20, 2009. Image used for illustrative purpose.

Image used for illustrative purpose. A view of the headquarters of Saudi Basic Industries Corp (SABIC) in Riyadh January 20, 2009. Image used for illustrative purpose.

REUTERS/Fahad Shadeed

Saudi Basic Industries Corp (SABIC) has begun commissioning activities and preparations of the joint venture (JV) project with Exxon Mobil on the US 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 and a monoethylene glycol unit, the petrochemicals giant said in a bourse filing on Sunday.

The project is expected to have a positive impact on SABIC’s consolidated financial statements. It is likely to appear after the project completion and commercial operation.

The joint-venture petrochemical complex is near Corpus Christi, Texas, is expected to come online in Q4 2021, earlier than 2022 as originally planned.

(Writing by Brinda Darasha; editing by Seban Scaria)

brinda.darasha@refinitiv.com

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021


More From Energy