Saudi Arabian Basic Industries Corporation (SABIC) and an affiliate of ExxonMobil Corporation are considering the potential development of a jointly owned petrochemical complex on the US Gulf Coast
If developed, the project would be located in Texas or Louisiana near natural gas feedstock and include a world-scale steam cracker and derivative units.
Before making final investment decisions, the companies will conduct necessary studies and work with state and local officials to help identify a potential site with adequate infrastructure access.
SABIC vice-chairman and CEO Yousef Abdullah Al-Benyan said, “We are focused on geographic diversification to supply new markets. The proposed venture would capture competitive feedstock and reinforce SABIC’s strong position in the value chain.”
ExxonMobil Chemical Company president Neil Chapman added, “We have the capability to design a project with a unique set of attributes that would make it competitive globally. That is vitally important as most of the chemical demand growth in the next several decades is anticipated to come from developing economies.”
ExxonMobil and SABIC have worked together for 35 years in chemical joint ventures in Saudi Arabia.
