BCI to reconsider Al Jubail gum factory on low oil prices

22/04/2015 Argaam
Basic Chemical Industries Co. said in a bourse statement today that it will reconsider the feasibility of its Al Jubail-based xanthan gum factory, due to the sharp decline in oil prices. 
 
Xanthan, which will be produced in the factory, directly affects oil-well drilling, the statement added.
 
Moreover, the issue will be raised to the board of directors at the end of this year, when price levels become clearer.
 
In 2013, the Tadawul-listed company had signed a memorandum of understanding (MoU) with CP Kelco to construct and operate a xanthan gum facility in Al Jubail, Saudi Arabia. The plant was projected to produce between 5,000 and 10,000 million tons per year of xanthan.
 
Xanthan gum factory

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